Abu Dhabi National Oil Company (ADNOC) and the Belgium-based Ravago Group have signed a Memorandum of Understanding (MoU) to “explore opportunities for cooperation” at the Ruwais Industrial Complex in the United Arab Emirates, according to an ADNOC press release.
The agreement is part of ADNOC’s plan to improve its value chain through downstream ventures. The two companies will explore ways to “upgrade and commercialize” created by Borouge, the polyolefins joint venture between ADNOC and Austrian Borealis.
The process, known as compounding, would take place at a facility at the Ruwais Industrial Complex. Ravago’s petrochemicals experience operating 24 plants worldwide will aid ADNOC in expanding potential production from the Ruwais complex.
ADNOC announced on May 13 plans to invest almost $50 billion over five years into its downstream business, Reuters reported.
ADNOC will add a third refinery at its Ruwais complex, expanding its capacity to 600,000 barrels per day (b/d) by 2025. It plans to double its refining capacity and triple its annual petrochemicals output potential to 14.4 million tonnes by 2025, according to Reuters.