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UAE state oil giant ADNOC plans to invest $45 billion in downstream expansion

Reuters  |  ABU DHABI 

By Rania El GamalABU DHABI (Reuters) - Abu Dhabi National Oil Company (ADNOC) plans to invest $45 billion over the next five years to expand its refining and petrochemicals operations, it said on Sunday.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.On Sunday al-Jaber presented ADNOC's downstream expansion strategy at an industry conference in Abu Dhabi, alongside ...

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First Published: Sun, May 13 2018. 21:11 IST