Aramco had, at the agreement signing event, stated that it will at a later date dilute some of its 50% equity stake in the 60-million tonne-a-year refinery project in favour of another strategic investor.
"We will invest significantly in Ruwais and open up attractive partnership and co-investment opportunities along our extended value chain to create a powerful new downstream engine and springboard for growth that will benefit our country, our company and our partners", he added.
"ADNOC needs to shift its focus to. downstream in a way to help enhance our commerciality, increase our profitability and maximize value from every barrel we produce", he said at ADNOC's headquarters in Abu Dhabi. Downstream Investment Forum is a very important forum and UAE is a reliable partner of India. They produce some 40 million tons per year of refined products, and a range of other products, including granulated urea, liquefied petroleum gas (LPG), naphtha, gasoline, jet fuel, gas oil and base oils, fuel oil, and other petrochemical feedstock.
In terms of oil production, the UAE, OPEC's fourth largest producer, aims to boost crude oil capacity from 3.2 million barrels per day at present to 3.5 million bpd at the end of the year.
Building on the existing strengths and competitive advantages of the Ruwais Industrial Complex, ADNOC will create the world's largest and most advanced integrated refining and petrochemicals complex, increasing the range and volume of its high-value downstream products, securing better access to growth markets around the world, and creating a manufacturing ecosystem in Ruwais.
A sharp drop in crude prices since mid-2014 has forced the oil industry to cut costs and look for ways to boost efficiency. In November, it announced plans to invest $109 billion in the energy sector over the next five years. The spending will include boosting gas output and investing in global downstream activities, ADNOC said in November.
"Hydrocarbons are and will remain an essential part of the energy mix. We see a huge growth opportunity in the downstream market", Al Jaber told CNBC's Hadley Gamble during an investment forum hosted by the company in Abu Dhabi on Sunday.
ADNOC's downstream investment plans are in line with its 2030 strategy of a more profitable upstream, more valuable downstream and sustainable, economic gas supply, underpinned by more proactive and adaptive marketing and trading.
Other markets where ADNOC is looking for possible downstream expansion are China, Japan, South Korea, Vietnam, Indonesia and Pakistan, he said, adding the company was not close to a decision.
The implementation of the strategic reserve agreement follows Adnoc's announcement, in February, that an Indian consortium of three companies, comprising ONGC Videsh, Indian Oil Company and Bharat Petro Resources Ltd., had been awarded a 10 percent interest in Abu Dhabi's new offshore Lower Zakum concession.
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