Page 11 - MEOG Week 04 2021
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MEOG PROJECTS & COMPANIES MEOG
ADNOC merges downstream,
trading and marketing units
UAE UAE oil company ADNOC has merged its ADNOC has a 60% interest in TA’ZIZ, while
downstream business with its trading and mar- ADQ holds the rest. The pair aim to start devel-
keting operations, as part of a strategy to enhance oping the Ruwais derivatives park in early 2021
its non-upstream activities. and are targeting first chemicals production
The downstream, trading and marketing in 2025. ADNOC’s new downstream directo-
divisions have been amalgamated to form the rate will also support the company’s move into
Downstream Industry, Marketing & Trading hydrogen.
Directorate. This new unit “will be a critical ena- “The directorate will also lead ADNOC activ-
bler of the company’s goal to responsibly deliver ities to capitalise on the emerging global market
the energy and energy products that the world for hydrogen, building on the company’s existing
needs.” The main focus for sales will be the Asian position as a major producer with existing infra-
market, where ADNOC projects demand for structure, partnerships and customer relation-
refined and petrochemical products to surge ships,” ADNOC said.
over the next decade. “The new directorate will govern ADNOC’s
ADNOC unveiled plans in 2018 with its interests across its refining, gas processing, pet-
partners to invest over $45bn in building up its rochemicals, product sales, shipping and inte-
downstream activities, including an expansion of grated logistics and trading portfolio.”
its Ruwais refining and petrochemicals complex. ADNOC is also bolstering its trading opera-
In November, it teamed up with Abu Dhabi con- tions to reduce its reliance on third-party trad-
glomerate ADQ with the aim of attracting $5bn ers. The company launched a second trading
in investment into petrochemical projects, via arm in December focused on refined products.
their joint venture in TA’ZIZ. The division, ADNOC Global Trading, is 65%-
“The directorate will also drive ADNOC’s owned by ADNOC, 20% by Italy’s Eni and 15%
activities to catalyse the UAE’s industrial devel- by Austria’s OMV. Earlier last year it launched a
opment and economic diversification, oversee- crude oil-focused trading business.
ing the development of TA’ZIZ and the Ruwais The national oil company (NOC) is also look-
derivatives park,” the company said. “This will ing to expand its vessel fleet, taking advantage of
strengthen the UAE’s position as a globally com- current low costs for shipbuilding. Its ADNOC
petitive chemicals hub and destination for for- Logistics & Services at present has some six oil
eign direct investment [FDI].” tankers and two oil/chemical carriers.
Week 04 27•January•2021 www. NEWSBASE .com P11
