The state-owned Abu Dhabi National Oil Company’s (ADNOC) CEO, Sultan Al Jaber, declared that the company plans to almost triple its petrochemical production to an annual 11.4mt from 4.5mt by 2025, reported Reuters. The announcement took place during an energy industry conference. This comes as the company also announced on that it has reached an agreement with Schlumberger in offshore drilling technology, according to Gulf News.
Jaber added that in order to achieve the petrochemical goals, the company will seamlessly integrate their petrochemical and refining business, as supplies of gas become tighter. He further pointed that the company will expand its feedstock beyond ethane to include naphtha.
ADNOC targets growing domestic and international demand for refined and petrochemical products particularly in Asia. Accordingly, the company is making significant investments in new projects to further increase its refining capability and expand its petrochemicals business until 2021. Furthermore, ADNOC will focus on gasoline and aromatics production and additional polyolefin capacity.