India, the world's fastest-growing oil market, is targeting support from both Saudi Aramco and Abu Dhabi National Oil Co. for the Asian nation's proposed $44 billion refinery, according to the Indian oil minister.
As part of the plan, the refining capacity of the Ruwais facility, which now stands at 922,000 barrels per day (bpd), will be increased by more than 65,000 percent, or 600,000 bpd, by 2025 through an additional new refinery, creating a total capacity of 1.5 million barrels per day.
Minister for Petroleum and Natural Gas, Dharmendra Pradhan and UAE's Minister of State and ADNOC Group CEO, Sultan Ahmed Al Jaber, attended a ceremony to load approximately 2 million barrels of crude oil and flag it off. It's estimated that the UAE holds approximately 6 percent of the world's crude oil reserves. The UAE last year approved five-year spending plan of Dh400bn to be invested in exploring for the country's sour gas reserves as well as acquiring and developing downstream assets overseas. "Our increased presence in India will also catalyse demand for our own refined and petrochemical products", Dr Al Jaber said.
Adnoc's new refinery, which will boost its current capacity more than 65 per cent by 2025, will add to greater flexibility in refining and processing of crude to include other grades apart from the UAE's flagship Murban crude. By 2022, it plans to double gasoline production to about 10 million tons a year and triple petrochemicals capacity to 11.4 million tons a year.
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The downstream sector refers to processes further down in the petroleum supply chain, specifically oil refining and petrochemical plants, products distributors, retail outlets and gas distribution companies. The Ruwais Derivatives Park will be built on a six square kilometer area adjacent to, and fully integrated with, the larger Ruwais complex.
The park is set to produce higher-value chemical products such as packaging materials, coatings, flooring, high voltage insulation and automotive composites.
Adnoc Chief Executive Officer Sultan Al Jaber said in a separate TV interview that "the Indian opportunity is one of many opportunities that is now being explored".