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GCC state oil behemoths have historically taken a conservative approach to downstream innovation. But this is changing as governments look to eke out maximum natural resource value.
In Saudi Arabia, Aramco aims to become a world-beating petroleum firm across all sectors: the purchase of a 70% majority stake in Sabic is key to its ambitions to push further downstream ( MEES, 29 March ).
Adnoc, which plans the world’s biggest refining and petrochemicals hub at Ruwais ( MEES, 1 March 2019 ), this week signed two MoUs with Austrian firms to help fulfil this ambition.
Adnoc CEO Sultan al-Jaber says the first MoU, with OMV (24.9% owned by Abu Dhabi’s state investment fund Mubadala), will bring “world-class expertise and advanced technology that will enable us to further stretch the value of our crude.” A second MoU with petchems firm Borealis (Mubadala 64%, OMV 36%) will “ensure we are well positioned to meet the growing demand for a variety of high-value refined and petrochemical projects.” (CONTINUED - 850 WORDS)
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