The Abu Dhabi National Oil Co. (ADNOC) and Mubadala Investment Co. have signed a framework agreement to explore together potential global growth opportunities that build on Mubadala’s portfolio of refining and petrochemicals assets and support ADNOC’s international downstream investment ambitions.
The agreement was signed by Abdulaziz Alhajri, Director of ADNOC’s Downstream Directorate and Musabbeh Al Kaabi, CEO of Petroleum and Petrochemicals, Mubadala, during the Abu Dhabi International Petroleum Conference and Exhibition (ADIPEC) being held in Abu Dhabi. The signing was witnessed by H.E. Dr Sultan Ahmed Al Jaber, UAE Minister of State and ADNOC Group CEO, and Khaldoon Al Mubarak, Group CEO and Managing Director of Mubadala.
As part of the framework agreement, ADNOC and Mubadala will explore the potential for the processing of crude oil and other hydrocarbons supplied by ADNOC, as well as potentially utilising technologies owned by Mubadala with product offtake by other ADNOC companies.
ADNOC and Mubadala have a record of partnership. Borealis, 67% owned by Mubadala, owns a 40% share in Borouge, ADNOC’s joint venture with Borealis. In February 2018, ADNOC awarded CEPSA, wholly-owned by Mubadala, a 20% stake in the SARB and Umm Lulu offshore concessions and, in May, ADNOC and CEPSA signed a project development agreement for a new, linear alkyl benzene (LAB) facility in ADNOC’s refining and petrochemicals complex in Ruwais, UAE. Meanwhile, in April, ADNOC awarded OMV a 20% stake in Abu Dhabi’s SARB and Umm Lulu offshore concession. OMV, an Austrian integrated oil and gas company, is part-owned by Mubadala.
ADNOC has embarked on executing its Downstream strategy that includes an AED165 billion (US US$45 billion) downstream investment programme that will see the Ruwais Industrial Complex upgraded to significantly increase its flexibility and integrated capabilities to produce greater volumes of higher-value refined and petrochemical products.
Read the article online at: https://www.hydrocarbonengineering.com/petrochemicals/14112018/adnoc-and-mubadala-to-explore-downstream-investment-opportunities/