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ADNOC wants Italian ENI and Austrian OMV to take stake in refinery expansion

October 17/2019

MOSCOW (MRC) -- Abu Dhabi National Oil Companys (ADNOC) wants to partner Italys Eni and Austrias OMV for expansion of refining capacity to 1.5 million barrels per day, reported Reuters with reference to a company executive's statement.

ADNOC has a total refining capacity of 922,000 barrels per day (bpd) including a 85,000 bpd refinery near the Abu Dhabi city.

The state energy company plans to double its refining capacity and triple petrochemicals output potential by 2025, as it focuses more on downstream expansion to capture new growth markets.

As MRC wrote before, a USD3.1 billion project to introduce crude processing flexibility, at ADNOC owned Ruwais oil refinery, was announced in February 2018. Known as the Crude Flexibility Project (CFP), the announcement was another significant step forward as ADNOC accelerates delivery of its Downstream refining strategy that aims to enhance margins by introducing asset flexibility, backed by strong crude and product marketing initiatives.

Ethylene and propylene are feedstocks for producing polyethylene (PE) and polyprolypele (PP).

According to MRC's ScanPlast report, Russia's estimated PE consumption totalled 1,436,390 tonnes in the first eight months of 2019, up by 9% year on year. Shipments of all PE grades increased. At the same time, the PP consumption in the Russian market was 909,260 tonnes in January-August 2019, up by 10% year on year. Shipments of PP block copolymer and homopolymer PP increased.
Author:Margaret Volkova
Tags:PP, PE, crude and gaz condensate, PP block copolymer, homopolymer PP, propylene, ethylene, petrochemistry, ADNOC, Eni, OMV, United Arab Emirates (UAE), Russia.
Category:General News
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