ADNOC Refining owns and operates in excess of 922,000 barrels per day of refining capacity in Abu Dhabi.
The ADNOC subsidiary employs approximately 4,700 staff and operates the world’s fourth largest single site refinery complex (Ruwais East and West), as well as the Abu Dhabi Refinery.
With nearly zero heavy fuel oil yield, it is well positioned for IMO 2020 (regarding low Sulphur marine fuel).
The highly complex refinery site is already integrated into petrochemicals with the production of more than 1.5 million tonnes per annum of propylene.It furthermore encompasses advanced logistics networks as well as utility assets supplying the Ruwais site. A strong value-focused project pipeline targets increased feedstock flexibility and upgrade of existing production.
The Trading Joint Venture will be an international exporter of ADNOC Refining’s products, with export volumes equivalent to around 70% of production. Trading is expected to begin in 2020 when all necessary processes, procedures and systems are in place.
The Trading Joint Venture is a key element to maximize the intrinsic value of the asset with its global span including the regions Middle East, Asia and Africa.
This meets the global fuels demand that is expected to increase by 9% from 2017 to 2030 driven by the Asia Pacific region according to World Energy Outlook 2018, IEA (International Energy Agency).
With this transaction, OMV increases its refining capacity by 40% and its olefin capacity by 10% and establishes a strong integrated position in Abu Dhabi along the value chain, spanning from Upstream production to Refining & Trading and Petrochemicals.