Abu Dhabi, 18th June 2020 (WAM) – His Highness Sheikh Mohamed bin Zayed Al Nahyan, Crown Prince of Abu Dhabi and Deputy Supreme Commander of the UAE Armed Forces, has reinforced the UAE’s commitment, under the wise leadership of the UAE President, H.H. Sheikh Khalifa bin Zayed Al Nahyan, in further developing downstream capabilities and supporting long-term economic growth in Ruwais.
His Highness was speaking during a visit to ADNOC’s refining and petrochemicals facilities in Ruwais, where he was briefed on progress in delivering ADNOC’s downstream strategy as well as the company’s plans to create value and to drive profitability in the sector
During the tour, H.H. commended Emirati talent in attendance for their commitment to business continuity during these unprecedented times as well as their exceptional efforts in supporting critical operations that contribute to the economic growth and prosperity of our nation.
H.H. Sheikh Mohammed said: “We were delighted to see young Emirati talent at ADNOC’s facilities in Ruwais and we appreciate their exceptional efforts during this challenging period to ensure the continuity of the UAE’s oil and gas production, as well as their work to develop and expand the Ruwais Industrial Complex, further solidifying the UAE’s position in the refining, petrochemical and derivatives industry. This is a very important sector that will contribute to the overall industrial development in the UAE and drive the growth of ADNOC’s ICV program, attract foreign direct investment, diversify our national economy and accelerate commercial development in the UAE.”
His Highness commended the effective cooperation between government agencies and ADNOC in responding to the COVID-19 pandemic, citing business continuity throughout the value chain as well as ADNOC’s critical role in harnessing the UAE’s natural resources to drive long-term prosperity. His Highness also commended the Ruwais community for their efforts and cooperation during this period, noting their commitment to following the government and ADNOC’s guidelines to ensure excellence in health and safety.
His Highness was accompanied by H.H. Sheikh Nahyan bin Zayed Al Nahyan, Chairman of the Board of Trustees of Zayed bin Sultan Al Nahyan Charitable and Humanitarian Foundation, H.H. Sheikh Theyab bin Mohamed bin Zayed Al Nahyan, Chairman of Abu Dhabi Crown Prince’s Court and Member of the Abu Dhabi Executive Council, Sheikh Sultan bin Hamdan Al Nahyan, President’s Advisor, Sheikh Mohammed bin Hamad bin Tahnoun Al Nahyan, Chairman of the Abu Dhabi Airports Company, Dr. Sultan bin Ahmad Sultan Al Jaber, Minister of State and ADNOC Group CEO, and Mohammed Mubarak Al Mazrouei, Under-secretary of the Abu Dhabi Crown Prince’s Court.
His Highness began his visit at ADNOC Refining, where he was briefed on the development and expansion of the Ruwais Industrial Complex, as the company plans to create more value in refining and petrochemicals and attract foreign direct investment to the UAE.
His Highness was also briefed on the progress of projects aimed at unlocking critical feedstock production capacity for anchor projects and supporting the investor value proposition for the planned Derivatives Park in Ruwais.
His Highness and the accompanying visitors received updates on the progress of the Crude Flexibility Project (CFP), aimed at accelerating delivery of ADNOC’s downstream strategy. CFP will enable Ruwais to process sour crude types and in turn, free higher-priced Murban crude for export sales to global oil markets. Upon completion, the project will significantly enhance ADNOC’s ability to stretch the value of every barrel of oil produced and achieve greater returns for the UAE from its existing domestic oil resources
Dr Sultan Ahmed Al Jaber, UAE Minister of State and ADNOC Group CEO, said: “We are honoured by His Highness Sheikh Mohamed bin Zayed Al Nahyan’s visit to ADNOC downstream assets in Ruwais. His Highness’ attendance demonstrates the support and encouragement of the UAE’s wise leadership in the continued development of the oil and gas sector and efforts to maintain ADNOC’s position as a significant driver of economic growth and development in the UAE.”
Dr. Al Jaber explained that the vision and directives of His Highness Sheikh Mohamed bin Zayed Al Nahyan in implementing ADNOC’s transformation strategy over the past four years, has helped to solidify ADNOC’s position globally and enabled the company to better respond to changing market dynamics. We are confident that we will navigate this period and come through stronger and more flexible, thanks to the support of the wise leadership, the cooperation with the relevant government agencies and the commitment and dedication of our people at ADNOC.”
He said: “ADNOC is going ahead with the implementation of its ambitious plans to invest responsibly, enhance operational efficiency and further stretch the dollar from every barrel of oil it produces to increase profitability and create value for the UAE. ADNOC is working on the development of the Ruwais Derivatives and Conversion Parks to form an integrated industrial ecosystem that will enhance in-county value, attract foreign direct investment, improve the transfer of knowledge and technology and create specialized employment opportunities for UAE nationals”.
Ruwais’ appeal as a unique feedstock engine, capable of producing the full range of essential building blocks along the petrochemical value chain will see the Ruwais Derivatives and Conversion Parks become a global destination of choice for investors and manufacturers wishing to establish a strategic presence in the UAE. Furthermore, ADNOC investments in Ruwais strategy will also create numerous specialized employment and career opportunities, and significantly boosting ADNOC’s in-country value creation initiatives.