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UAE: Adnoc sets out $45bn downstream investment plan
Abu Dhabi National Oil Company (Adnoc) has unveiled plans to invest Dh165bn ($45bn) in downstream projects over the next five years. The plans were set out at the Adnoc Downstream Investment Forum in Abu Dhabi on 13 May and follow a number of significant changes across the business over recent months.The oil firm plans to create what it says will be the world’s largest integrated refining and petrochemicals complex at Ruwais, in a strategy that will create more than 15,000 jobs by 2025 and contribute an additional 1% to GDP.
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