Abu Dhabi’s state petroleum firm Adnoc and state holding company ADQ signed a JV agreement on 22 July to create an investment platform to oversee the development of industrial projects in the planned Ruwais Derivatives Park.
Ruwais is central to Adnoc’s downstream expansion plans. The energy giant unveiled a $45bn plan in 2018 to turn its downstream operations at Ruwais, on the coast 240km west of Abu Dhabi city, into “the world’s largest integrated refining and petrochemicals complex” (MEES, 18 May 2018). Under the 2030 strategy, Adnoc will boost refining capacity by 60% to 1.44mn b/d and more than triple petchems capacity to 14.4mn t/y by 2025 (MEES, 1 December 2017). (CONTINUED - 889 WORDS)