MOSCOW (MRC) -- Abu Dhabi National Oil Company (ADNOC), UAE’s biggest energy producer, is seeking Indian companies for partnership in its ambitious USD 45 billion downstream petrochemical expansion plans, said Chemweek.
ADNOC CEO Sultan Ahmed Al Jaber, during a virtual session Prime Minister Narendra Modi had with global energy chief executives on Monday evening, sought opportunities to strengthen the UAE-India energy relationships, a company statement said. Speaking at the roundtable, Al Jaber said India has always been and will always remain one of the UAE’s closest friends and one of its most important trading partners.
Strategic ties between the two nations, he said, have strengthened in recent years, particularly in the field of energy. Indian companies are present in UAE oilfield concession, he said referring to ONGC Videsh Ltd and its partners in 2018 acquiring a 10 per cent in a large offshore oilfield for USD 600 million. This was the first time any Indian company set foot in the oil-rich Emirate. “As we continue to work together, I see significant new opportunities for enhanced partnerships, particularly across our downstream portfolio. As you know, we have launched an ambitious plan to expand our chemicals, petrochemicals, derivatives and industrial base in Abu Dhabi and I look forward to exploring partnerships with even more Indian companies across our hydrocarbon value chain,” Al Jaber said.
ADNOC in 2018 unveiled plans to invest USD 45 billion with partners to develop its local downstream activities, including the expansion of its Ruwais refinery and petrochemical capacity in the industrial hub. The company has courted international investors to expand its oil and gas production and monetise its assets. “India’s remarkable growth as an economic power has cemented its place as one of the world’s largest energy consumers.
“In fact, it represents the second biggest market for ADNOC. This is a position we hope to build on, in line with the huge expansion of India’s ambitions for growth,” Al Jaber said. ADNOC, he said, is ready to meet India’s growing demand across the full portfolio of products. He added ADNOC is proud to be a key supplier to India’s Strategic Petroleum Reserves and is keen to expand the commercial scale and scope of this strategic reserves partnership.
ADNOC was the first foreign company to hire space at the underground crude oil storage India has built as an insurance against supply and price disruptions.
"In the past two years, ADNOC has enhanced its strategic energy links with India a key growth market for crude, refined and petrochemical products. In addition to its partnership in the strategic reserves program, ADNOC is also a stakeholder in one of India’s largest refinery and petrochemical projects, to be constructed on India’s west coast,” he said.
ADNOC along with Saudi Aramco have together taken a 50 per cent interest in the massive 60 million tonnes a year refinery-cum-petrochemical complex planned on Maharashtra coast at a cost of USD 44 billion. Concluding his remarks, Al Jaber said he believes both countries have only scratched the surface of the opportunities that could benefit both India and the UAE in the energy sector, the statement said.
As MRC informed earlier, ADNOC Onshore, a subsidiary of ADNOC, awarded the three contracts which will see the procurement and construction of flowlines and wellhead installations across several onshore oil fields in the Emirate of Abu Dhabi. The contracts also include the engineering, procurement, and construction (EPC) of a new bypass system to provide critical backup for the existing crude receiving stations at the Jebel Dhanna and Fujairah export terminals.
Ethylene and propylene are feedstocks for producing polyethylene (PE) and polypropylene (PP).
According to MRC's ScanPlast report, Russia's estimated PE consumption totalled 1,496,500 tonnes in the first eight months of 2020, up by 5% year on year. Shipments of all ethylene polymers increased, except for linear low desnity polyethylene (LLDPE). At the same time, PP shipments to the Russian market reached 767,2900 tonnes in the eight months of 2020 (calculated using the formula - production minus exports plus imports - and not counting producers' inventories as of 1 January, 2020). Supply increased exclusively of PP random copolymer.