ADNOC is upgrading its Ruwais refinery in a $3.5-billion project that will enable the facility to process more than 50 crude oil grades other than Murban. This will allow ADNOC to export more Murban and support its newly-launched Murban futures contracts launched on ICE Futures Abu Dhabi (IFAD). Through the new futures, ADNOC is hoping to transform the way of pricing Middle Eastern oil sold in Asia.
The Ruwais project is now more than 85% complete and is expected to reach full completion by 2022. Ruwais upgrade is part of ADNOC’s $11 billion worth of projects that are currently under development. This includes multi-billion dollar projects to expand ADNOC Gas Processing. The facility will handle additional gas output from ADNOC’s upstream operations. In 2019, ADNOC said it had some 273 Tcf of conventional gas recoverable resources and 160 Tcf of unconventional gas.
Increased gas supply will support ADNOC’s ambitions in the petrochemical and hydrogen sectors. Borouge, ADNOC polyolefin joint venture with Australia’s Borealis, plans to expand its capacity by 11% to 5 million tons/year by end-2021. ADNOC is also partnering with other companies to establish blue hydrogen and ammonia production and supply chain.
