Adnoc plans downstream expansion

摘要

Abu Dhabi’s state-owned Adnoc has unveiled a 400bn dirham ($109bn) capital expenditure budget for the next five years. The programme is intended to expand the company’s refining and petrochemical capacity. The firm will spend more than 40pc of its budget on increasing downstream capacity, seeking to extract the maximum value from its crude in a “lower for longer” price environment. Adnoc aims to raise its refining capacity by around 60pc by 2025, and petrochemical production fourfold to 14.4mn t/yr, downstream director Abdulaziz Abdulla al-Hajri says.