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Low-cost oil will remain central to the fuel mix - ADNOC CEO

March 03/2021

MOSCOW (MRC) -- Low-cost oil will be needed even as the world is in an energy transition, Sultan Ahmed Al Jaber, reported Reuters with reference to chief executive of Abu Dhabi National Oil Company (ADNOC) and minister of state for the United Arab Emirates' statements at CERAWeek by IHS Markit.

"The world will still need oil and gas for many decades to come, no question about that," he said. Oil demand will rebound led by recovery from the coronavirus pandemic in China and India, he said.

ADNOC has cut its operating costs by operating with more technological efficiency, he said.

As MRC reported previously, in early May, 2020, Abu Dhabi National Oil Company (ADNOC) began a gradual restart of its Ruwais oil refinery complex after a scheduled maintenance shutdown. The Ruwais complex, which has capacity of 835,000 barrels per day, was shut down early this year, the ADNOC spokesman said.

And in late July 2019, ADNOC said its Ruwais refinery west cracker was offline for maintenance.

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

According to MRC's ScanPlast report, Russia's estimated PE consumption totalled 2,220,640 tonnes in 2020, up by 2% year on year. Only shipments of low density polyethylene (LDPE) and high density polyethylene (HDPE) increased. At the same time, polypropylene (PP) shipments to the Russian market reached 1 240,000 tonnes in 2020 (calculated using the formula: production, minus exports, plus imports, excluding producers' inventories as of 1 January, 2020). Supply of exclusively PP random copolymer increased.


mrcplast.com
Author:Margaret Volkova
Tags:PP, PE, crude and gaz condensate, PP random copolymer, propylene, LDPE, HDPE, ethylene, petrochemistry, ADNOC, United Arab Emirates (UAE), Russia.
Category:General News
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