ADNOC Ships First Cargo For Indian Strategic Oil Reserve At Mangalore

Pradhan to flag off UAE carrier with 2 million barrels of crude oil today

After Saudi Aramco, Abu Dhabi National Oil Company (ADNOC) will pick up stake in the planned $44-billion refinery-cum-petrochemical project in Maharashtra.

An official statement said Minister of Petroleum & Natural Gas Dharmendra Pradhan and UAE Minister of State Sultan Al Jaber are expected to jointly flag off the consignment during Pradhan's three-day visit to the UAE.

"We are extending an invitation to both existing and new partners to join with us in building a world-leading refining and petrochemicals complex and manufacturing ecosystem here in Ruwais", he said.

The park will source feedstock from Adnoc's refining facilities in Ruwais and will "act as a prime catalyst for the next stage of petrochemical transformation by inviting partners to invest and produce new products and solutions", the company said.

More news: In 2018 SSC Result To be Declared In 1st Week Of June

ADNOC wants to expand its downstream portfolio in markets where demand for oil is still growing, such as China and India, securing a new outlet for its crude.

Adnoc will store about 5.86 million barrels of oil in the cavern at its own cost, the statement said. The Vishakhapatnam storage has capacity of 1.33 MT or 9.77 million barrels, Mangalore has a capacity of 1.5 MT or 11 million barrels and Padur can stock 2.5 MT 18.37 million barrels.

In a statement, ADNOC noted that the investment programme will also include a plan to construct one of the world's largest mixed feed crackers, trebling production to 14.4 mtpa by 2025, up from 4.5 tpa in 2016.

Ruwais, which now includes two refineries and petrochemicals facilities, owned and operated by Borouge - Adnoc's joint venture with Austria's Borealis - will be see development of a six square kilometre derivatives and conversions park that will be integrated with the larger complex. This will enable the creation of numerous new petrochemical activities and value chains, in such fields as construction chemicals, oil and gas chemicals, surfactants and detergents, to name just a few. The Conversion Park, occupying another 3.6 square kilometers, will also act as a catalyst for the creation of focused industry clusters, that cannot only supply products and solutions using the derivatives and other facilities available, but will also leverage the proximity of such an interconnected ecosystem to drive expertise, innovation and entrepreneurship.

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