SINGAPORE (ICIS)--The Abu Dhabi National Oil Company (Adnoc) plans to boost the petrochemical production capacity of its Ruwais site to 14.4m tonnes/year by 2025, the UAE-based producer said on Wednesday.
Borouge, which is the company’s petrochemical joint venture with Austrian producer Borealis, has a 4.5m tonne/year capacity at the site.
Adnoc intends to build the world’s largest integrated refining and chemical site in Ruwais, with further downstream investments meant “to take full advantage of the rising demand for higher value refined and petrochemical products, particularly in the growth economies of China and Asia”, it said in a statement.
“The steps we have taken so far have laid a solid foundation for powering the next phase of our growth,” said UAE state minister and concurrent ADNOC group CEO Ahmed Al Jaber, who is in Houston for the CERAWeek energy conference.
“And the biggest opportunity for that growth is downstream, particularly in petrochemicals, where demand is expected to climb 150% by 2040, driven by the growth economies of Asia,” he said.
CERAWeek by IHS Markit runs through Friday.