ADNOC wants to expand its downstream portfolio in markets where demand for oil is still growing, such as China and India, securing a new outlet for its crude.
The historic shipment is the first under an agreement between Abu Dhabi National Oil Company (ADNOC) and Indian Strategic Petroleum Reserves Ltd (ISPRL), an Indian government-owned company mandated to store crude oil for strategic needs, to locate 5.86 million barrels of ADNOC crude oil at the Karnataka facility in the Indian city of Mangalore.
While talking about important discussions that took place between India and the UAE, he further said that they are planning to set up a food corridor on the demand of UAE. ADNOC's new strategy is expected to create more than 15,000 jobs and contribute 1% to UAE GDP growth.
UAE Minister and ADNOC Group CEO Sultan Al Jaber, Aramco CEO Amin H Nasser and Indian Oil Minister Dharmendra Pradhan will be present at the agreement signing ceremony in UAE. The entire Ruwais complex will also be upgraded to produce greater volumes of higher-value petrochemicals and derivative products. UAE is a very reliable partner of India in utilizing this forum. "So we request stakeholders to come and invest in India", said Pradhan.
"Importantly, the expansion plans for Ruwais will also support Abu Dhabi and the UAE's economic development and diversification, create high-skilled jobs and enhance the country's status as a globally attractive destination for energy investments", he added.
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However, his comments made clear that the two sides remained far apart on the key issue of what they mean by denuclearisation. But he stressed that this would require a "robust verification" programme by the United States and other nations.
Adnoc will again look to create long term downstream partnerships, providing access to the most attractive parts of the energy value chain, to redefine he company's future growth. "We are also happy that they are supporting their families back home in India", Hamli told ANI in Dubai.
"As in the past, our full potential will be accelerated through value-adding partnerships, so we are extending an invitation to both existing and new partners to join with us in building a world-leading refining and petrochemicals complex and manufacturing ecosystem here in Ruwais", he added.
As part of the plan, the refining capacity of the Ruwais facility, which now stands at 922,000 barrels per day (bpd), will be increased by more than 65,000 percent, or 600,000 bpd, by 2025 through an additional new refinery, creating a total capacity of 1.5 million barrels per day.
Adnoc is among Middle East crude producers, including Saudi Arabia and Kuwait, that are boosting refining, marketing and petrochemical capacity to bolster and diversify income.
Adnoc has about 900,000 barrels a day of refining capacity at home, mainly at Ruwais on the Gulf coast.