Economy

UAE makes history in Indian oil

UAE makes history in Indian oil

He further added that he is proud of all the Indian companies that are looking for investments in UAE.

Dr Al Jaber said the unique competitive advantages and world-scale of Ruwais, combined with a $45 billion-investment plan and its ambitious smart growth strategy, has created a unique opportunity for Adnoc to redefine the global refining and petrochemicals landscape.

According to the company, the investment and a number of strategic partnerships will help the company increase its range and volume of downstream products, secure access to growth markets and create a new manufacturing ecosystem in Ruwais that will create over 15,000 jobs and contribute an additional 1 percent of GDP by 2025.

UAE Minister of State and ADNOC Group chief executive Sultan Al Jaber said ADNOC will create the "world's largest single integrated refining and petrochemicals complex" in partnership with global partner companies within the next five years.

More news: DC United Boss Confirms Rooney Interest

Pradhan tweeted after a meeting with Adnoc officials that the two parties have agreed to form a working group that will meet soon to finalise a list of projects in upstream, midstream and downstream sector where mutual investment can be considered. The implementation of the strategic reserve agreement follows Adnoc's announcement, in February, that an Indian consortium of three companies - ONGC Videsh, Indian Oil Company and Bharat Petro Resources - had been awarded a 10 per cent interest in Abu Dhabi's new offshore Lower Zakum concession.

State-owned Adnoc will increase its current refining capacity of 922,000 barrels per day (bpd) - already the world's fourth largest - by addition of a new 600,000 bpd refinery that will boost its total capacity to process crude and condensate to 1.5 million bpd, making it the largest such facility in the world.

The plans also call for the creation of the Ruwais Derivatives Park to be built on a six square kilometer area adjacent to - and integrated with - the larger Ruwais complex. This will enable the creation of numerous new petrochemical activities and value chains, in such fields as construction chemicals, oil and gas chemicals, surfactants and detergents, to name just a few. A conversion park spread over 3.5 square kilometres will also be developed to become a hub of industry cluster, providing solutions using derivatives produced in adjoining facilities.