Abu Dhabi state firm Adnoc Refining has begun preliminary work for a new “state of the art” 600,000 b/d refinery in its growing refining and petrochemicals hub at Ruwais, 240km west of Abu Dhabi city. On 21 February it awarded an initial $8mn pre-Feed contract to the UK’s Wood.
The award follows parent company Adnoc’s deal to bring Italy’s Eni and Austria’s OMV into its Adnoc Refining unit. Eni will pay around $3.3bn for its 20% stake in Adnoc Refining, while OMV will fork out $2.5bn after taking into account end-2018 debt to acquire 15% equity. Adnoc will retain 65%, with completion of the transaction expected in the third quarter (MEES, 1 February). (CONTINUED - 388 WORDS)