• 3 minutes Australian power prices go insane
  • 7 minutes Wind droughts
  • 11 minutes  What Russia has reached over three months diplomatic and military pressure on West ?
  • 3 hours GREEN NEW DEAL = BLIZZARD OF LIES
  • 48 mins Is Europe heading for winter of discontent with extensive gas shortages?
  • 6 hours Changing Gazprom ADRs to Russian shares
  • 8 hours Oil Stocks, Market Direction, Bitcoin, Minerals, Gold, Silver - Technical Trading <--- Chris Vermeulen & Gareth Soloway weigh in
  • 2 days "The Global Digital ID Prison" by James Corbett of CorbettReport.com
  • 4 days "How to Calculate Your Individual ESG Score to ensure that your Digital ID 'benefits' and money are accessible"
  • 5 days "How China Could Send LNG Prices Into The Stratosphere" by Irina Slav
  • 6 days The Federal Reserve and Money...Aspects which are not widely known
  • 7 days How Far Have We Really Gotten With Alternative Energy

UAE’s Oil Firm To Triple Petrochemical Production By 2025

Abu Dhabi National Oil Company (ADNOC) is planning on nearly tripling its petrochemical production to 11.4 million tons by 2025 from the current 4.5 million metric tons (mt), ADNOC’s chief executive and UAE Minister of State, Sultan Al Jaber, said at an event on Monday.

“To achieve this we will seamlessly integrate our petrochemical and refining business, and as supplies of gas become tighter, we will expand our feedstock beyond ethane to include naphtha,” Reuters quoted Jaber as saying in his speech to the Gulf Petrochemicals and Chemicals Association (GPCA) conference in Dubai.

ADNOC will be trying to seize opportunities of high-growth markets in Asia, Jaber noted.

The official also believes that petrochemical producers from the Gulf Cooperation Council (GCC) should collaborate to ‘maximize’ the GCC strength.

The GCC consists of six Arab Gulf nations: Saudi Arabia, Kuwait, Bahrain, Qatar, the UAE, and Oman.

The plans for ADNOC’s petrochemical output expansion came just a few weeks after Abu Dhabi’s Supreme Petroleum Council approved ADNOC’s five-year business plan, which envisages the company ramping up its oil production by 400,000 barrels per day to 3.5 million bpd by 2018.

According to Platts Analytics, the global polyethylene production, for example, is expected to grow to 121 million mt by 2026 from 84.7 million mt last year. The world’s economy will need some 12 million mt of additional polyethylene supply in 2024 and 2025, which means that six to ten ethylene crackers need to be built between 2023 and 2026. Platts expects the additional supply to come mostly from low-cost regions such as North America and the Middle East. India and China are expected to be the strongest demand centers.

As far as propylene is concerned, Platts sees additional supply of 2.74 million mt needed each year between 2023 and 2026 in order to meet the expected yearly global demand growth of 3.5 percent.

By Tsvetana Paraskova for Oilprice.com

More Top Reads From Oilprice.com:



Join the discussion | Back to homepage



Leave a comment

Leave a comment

EXXON Mobil -0.35
Open57.81 Trading Vol.6.96M Previous Vol.241.7B
BUY 57.15
Sell 57.00
Oilprice - The No. 1 Source for Oil & Energy News