ADNOC'S INVESTMENT $3.1 BLN

AOG - A $3.1bn project to introduce crude processing flexibility at the ADNOC-owned Ruwais oil refinery was announced yesterday.

Known as the Crude Flexibility Project (CFP), the announcement is another significant step forward as ADNOC accelerates delivery of its downstream refining strategy that aims to enhance margins by introducing asset flexibility, backed by strong crude and product marketing initiatives.

The announcement follows the awarding of the engineering, procurement and construction (EPC) contract, for the project, to a joint venture between Samsung Engineering (Korea) and CB&I (Netherlands).

The refinery modifications, scheduled to be completed by the end of 2022, will enable ADNOC's Ruwais refinery west complex to process up to 420,000bpd of Upper Zakum crude, or similar crude types from the market, liberating Murban crude, which commands a higher price on global oil markets, to be utilised for export sales.

Abdulaziz Abdulla Alhajri, director, ADNOC's Downstream Directorate, said: "Enabling the Ruwais refinery west complex to process Upper Zakum, or similar, medium sour crude, in place of Murban light sweet crude, will allow us to extract greater value from our crude resources. It will mean we can maximise the benefit of price differentials to enhance refinery margins, improve the middle distillate products and release valuable Murban crude into the market."

The planned modifications will add an atmospheric residue de-sulphurisation (ARDS) unit that will enable the refinery to process the Upper Zakum crude, or other similar crudes from the market. The ARDS technology is extensively used in upgrading medium to heavy petroleum oils and residues to more valuable clean environmentally friendly transportation fuels and to partially convert the residues to produce low-sulphur fuel oil and hydrotreated feedstocks.

As part of the selection criteria for the EPC contract, ADNOC Refining carefully considered the extent to which bidders would help to drive in-country value (ICV) for the UAE. By integrating ICV criteria into the commercial evaluation process, ADNOC aims to maximise spend on local goods and services, to support socio-economic growth, improve knowledge transfer, and create job opportunities for the UAE nationals.

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Earlier:

2018, January, 19, 12:10:00

ADNOC'S 2030 STRATEGY

AOG - ADNOC’s 2030 strategy, he said, aims to capitalise on predicted global economic growth and demand for oil and petrochemical products, particularly in non-OECD countries. As its business responds to changing market dynamics, the company will continue to broaden its partnership base, strengthen its profitability, adapt to new realities and expand market access.

2017, November, 29, 09:45:00

ADNOC INVESTMENT $100 BLN

ADNOC - The SPC approved ADNOC’s plans for capital expenditure of over AED 400 billion, over the next five years, as it embarks on its Upstream and Downstream expansion and growth projects. The SPC also approved ADNOC’s plans to explore and appraise Abu Dhabi’s unconventional gas resources, as the company seeks to enable future value creation from its untapped gas resources. And, the SPC gave the green light to ADNOC to pursue international downstream investments that will position ADNOC as a global player in the downstream market.