Abu Dhabi National Oil Company’s (ADNOC) main refinery is pushing for fuel sales in China after the Chinese economy is starting to show signs of recovery from the coronavirus, according to Bloomberg.
The Ruwais refinery resumed operations after the completion of scheduled maintenance and it has been reported that general work has been done on all units of the refinery in the first quarter. Peter Sahota, Eni senior vice president for investor relations, said that Ruwais refinery “is ready to supply the Far East, where the crisis is finishing and the consumption is increasing”. Eni holds a 20% stake in the ADNOC Refining joint venture, which includes the 837,000 barrels per day (b/d) Ruwais refinery.
Eni foresees Ruwais operating at 60% capacity in the second quarter and reaching full capacity in the second half. Prior to the outbreak, ADNOC had been targeting the European fuel market, however Europe has shown no signs of economic improvement whereas China is starting to improve gradually.