Abu Dhabi's state-owned refining company Takreer is hoping falls in commodity and raw material prices will cut its cost base on new projects by up to 40 percent, a top official at the firm said on Tuesday.
But the company has no plans to cut either spending or projects due to the lower oil price or tight credit markets, Takreer General Manager Jasem al-Sayegh told an energy conference.
"We are proceeding with projects as planned and on schedule," Sayegh said. "All our projects are self-financed and fully secured... In fact, we see opportunities in the current environment to save 30-40 percent on proposed capital costs."
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