Abu Dhabi National Oil Co. is planning to boost the refining capacity of majority subsidiary Abu Dhabi Oil Refining Co., or ADNOC Refining, to 1.5 million barrels per day with or without joint venture partners Eni SpA and OMV AG, Reuters reported Oct. 15, citing Rizwan Khalil Sheikh, senior vice president for downstream strategy and business development.
Sheikh said the company welcomes the participation of its partners but will continue with the expansion even if its partners decide to not join the project.
ADNOC Refining has a capacity of 922,000 barrels per day through its Ruwais and Abu Dhabi refineries. The Ruwais refinery is the fourth-largest single site refinery in the world.
Sheikh said ADNOC will also build a new 400,000-bbl/d to 600,000-bbl/d unit at its existing Ruwais refinery, with the first phase of the expansion set for 2024.
The company plans to double refining capacity and triple petrochemicals output by 2025.
In July, Eni and OMV closed the acquisition of a 35% stake in ADNOC Refining for $5.67 billion.