In a move similar to initiatives launched by the national oil companies in Iraq, Saudi Arabia and Oman, the Abu Dhabi National Oil Company (ADNOC) (Abu Dhabi, United Arab Emirates) has launched a crude oil and refined products trading unit to boost its upstream revenues. This new unit will help the company to further maximize value from every marketed barrel of crude oil and refined product, which are currently sold on a free on board (FOB) basis.
The company is looking forward to set up a leaner and more integrated business model with expanded capacities in the downstream sector. In November 2017, ADNOC announced plans to invest more than AED400bn (US$109bn) over the next five years to increase its domestic refining, gas and petrochemicals activities and expand its international downstream operations. With the Ruwais oil refinery project, refining capacities are expected to triple by 2025. The Ruwais oil refinery was commissioned in 1981, with a capacity of 120,000 bbl/d that ramped up to approximately 844,000 bbl/d.
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