ADNOC Ships First Cargo For Indian Strategic Oil Reserve At Mangalore

ADNOC Ships First Cargo For Indian Strategic Oil Reserve At Mangalore

Indian Strategic Petroleum Reserves Ltd (ISPRL) had then signed an agreement with ADNOC which allows the firm to store 5.86 million barrels of crude in the strategic facility at Mangalore at its own cost.

Striving to become a global player in the downstream sector, the state oil giant wants to double its refining capacity and triple petrochemicals output potential by 2025 as it looks to capture new growth markets, ADNOC's Chief Executive Sultan al-Jaber told Reuters on Saturday.

The work will upgrade the refining and petrochemicals plant at Ruwais in partnership with global energy firms, he said.

"We are honoured and glad about Dharmendra Pradhan's participation". The UAE last year approved five-year spending plan of Dh400bn to be invested in exploring for the country's sour gas reserves as well as acquiring and developing downstream assets overseas.

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"Importantly, the expansion plans for Ruwais will also support Abu Dhabi and the UAE's economic development and diversification, create high-skilled jobs and enhance the country's status as a globally attractive destination for energy investments", he added. This is Adnoc's first major investment in the Indian energy sector. The Ruwais Derivatives Park will be built on a six square kilometer area adjacent to, and fully integrated with, the larger Ruwais complex and will act as a prime catalyst for the next stage of petrochemical transformation by inviting partners to invest and produce new products and solutions from the growing range of feedstocks that are available in Ruwais.

ADNOC's existing and sizeable downstream portfolio comprises eight companies processing 10.5 billion standard cubic feet (scf) of gas per day, and with a refining capacity of 922,000 barrels per day (bpd) of condensate and crude.

Adnoc will meet its target of boosting oil-production capacity to 3.5 million barrels a day by the end of the year, Al Jaber said in an interview with Bloomberg earlier this month.

As part of the plan, the refining capacity of the Ruwais facility, which now stands at 922,000 barrels per day (bpd), will be increased by more than 65,000 percent, or 600,000 bpd, by 2025 through an additional new refinery, creating a total capacity of 1.5 million barrels per day.

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