Pradhan calls UAE 'reliable partner of India'

Alicia Cross
May 14, 2018

It listed 10 percent of its fuel distribution business late past year, set up a new trading unit to handle its crude oil and refined products while also expanding partnerships with strategic investors.

This comes in the backdrop of the meeting held between Union Petroleum and Natural Gas Minister Dharmendra Pradhan and the UAE Minister for Human Resources and Emiratization at Grand Hyatt at Dubai.

"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.

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

Al-Jaber was speaking a day before he unveils the company's downstream strategy at an investment forum. Adnoc intends to store 5.86 million barrels of crude at the Karnataka facility, it said in a statement. 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.

"Our aim here is to make it become the single largest integrated refining and petrochemicals complex in the world", al-Jaber said.

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Adnoc's facilities now process 10.5 billion standard cubic feet of gas per day and produce some 40 million tonnes annually of refined products, such as granulated urea, liquefied petroleum gas (LPG), naphtha, petrol, jet fuel, gas oil and base oils, fuel oil, as well as feedstock for chemicals.

A sharp drop in crude prices since mid-2014 has forced the oil industry to cut costs and look for ways to boost efficiency.

ADNOC on Sunday unveiled plans to invest $45 billion over the next five years, along with partners, in order to establish a leading role in the global downstream market. The spending will include boosting gas output and investing in worldwide downstream activities, ADNOC said in November. Adnoc wants to expand its presence, mainly in the downstream sector, in markets like India and China where demand for oil is rising.

"Hydrocarbons are and will remain an essential part of the energy mix".

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.

While addressing a gathering at the Indian Embassy in Abu Dhabi, United Arab Emirates (UAE), on Saturday, Pradhan said, "The government has not been formed for the first time in Delhi, neither is it the first time that someone has become a Prime Minister in India". Saudi Aramco in April signed a deal with India for a 50 per cent stake in the project.

Other reports by Free-Prsite

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