Adnoc Brings Eni, OMV Into Refining Arm Ahead Of Expansion

Eni and OMV are taking 35% of Adnoc Refining, marking the first step in Abu Dhabi’s ambitious downstream expansion plans. The move will bring additional expertise, and add a level of transparency to Abu Dhabi’s refining sector.

Adnoc has brought Italy’s Eni and Austria’s OMV into its refining unit Adnoc Refining. In a move announced 27 January, Eni will take 20% and OMV 15%, with Adnoc retaining 65%. The deal is planned to close in Q3.

Adnoc Refining has throughput capacity of 922,000 b/d from three refineries. The bulk of this (837,000 b/d) is at its Ruwais industrial hub, while the remaining 85,000 b/d is at the Abu Dhabi refinery. Products output in 2017 was 725,000 b/d, of which 512,000 b/d (70%) was exported.

Abu Dhabi plans to boost refining capacity by 60% to around 1.5mn b/d by 2025 under its $45bn strategy to turn Ruwais into “the world’s largest integrated refining and petrochemicals complex.” The strategy was launched in May and also entails plans to more than triple petrochemicals capacity to 14.4mn t/y ( MEES, 18 May 2018 ). (CONTINUED - 1042 WORDS)