The Abu Dhabi National Oil Company (ADNOC) has announced that it has made significant progress on its crude flexibility project (CFP) by achieving 73% completion on the Ruwais oil refinery upgrade.
According to ADNOC, the CFP initiative is part of the company’s move to fast-track delivery of its 2030 downstream refining strategy.
Discover B2B Marketing That Performs
Combine business intelligence and editorial excellence to reach engaged professionals across 36 leading media platforms.
The strategy will enable the company to leverage crude and product marketing initiatives in order to enhance margins.
Through the project, the company will be able to export Murban crude, capitalising on its higher price in global oil markets.
Scheduled for completion by the end of 2022, the refinery modifications are expected to allow the company’s Ruwais Refinery-West complex to process up to 420,000bpd of heavier and sourer grades of crude oil.
ADNOC noted that the CFP will also enable the processing of the Upper Zakum grade crude. This crude is extracted from Abu Dhabi’s offshore oil fields, along with more than 50 other types of crudes.
US Tariffs are shifting - will you react or anticipate?
Don’t let policy changes catch you off guard. Stay proactive with real-time data and expert analysis.
By GlobalDataADNOC Group CEO and UAE Industry and Advanced Technology minister Sultan Ahmed Al Jaber said: “We continue to focus on stretching the margin of every barrel of oil we produce to maximise the value of our resources, while also making responsible investments in the current market environment.
“This investment is another step in our progress to develop Ruwais into a dynamic, global hub for downstream activity, further strengthening ADNOC’s role as a key driver of the UAE’s long-term industrial growth and economic diversification.”
In February 2018, ADNOC unveiled plans to invest $3.1bn in the Ruwais oil refinery to introduce crude processing flexibility.
