Part of Abu Dhabi National Oil Company’s (Adnoc) 2030 strategy and five year business plan is to diversify as well as increase its production on its petrochemical portfolio. This should be done in line with opening new markets that would ensure sustained profitability. The company is also planning to expand its refining capacity to meet the growing demand.
“We will stretch the margin from every barrel we produce and by taking full advantage of our geography, at the pivot point between East and West, we will capitalise on the world’s fastest growing markets, including Asia, where oil demand is expected to increase 15 per cent and the market for petrochemicals is set to double by 2030”nsaid Sultan Al Jaber (minister of state and Adnoc group CEO).
Adnoc’s new 2030 strategy and 5 year business plan (which seeks to deliver a more profitable upstream, more valuable downstream and a more sustainable and economical gas supply, in line with the directives of Abu Dhabi’s leadership) has already been approved by the Abu Dhabi’s Supreme Petroleum Council.
By 2018, production is projected to increase from 3.1 million barrels per day to 3.5 million barrels per day.
“Today’s new energy landscape calls on us to once more to break from old conventions and welcome new paradigms. By embracing the new energy era, we will thrive and we will shape our future,” Al Jaber said.