Abu Dhabi Oil Producer May Invest in First Overseas Refineries - Bloomberg

Abu Dhabi Oil Producer May Invest in First Overseas Refineries - Bloomberg:

"Abu Dhabi’s state oil producer may build or buy into refining and petrochemical businesses outside the United Arab Emirates, making its first international investments as it seeks to strengthen ties with customers for its crude. Abu Dhabi National Oil Co. plans capital spending of 400 billion dirhams ($109 billion) over the next five years, Abu Dhabi Crown Prince Mohamed bin Zayed Al Nahyan said Monday on Twitter. Some of that could be channeled into plants abroad, while Adnoc also intends to start producing unconventional gas -- which is drilled from rocks that are hard to access -- by 2030. “Adnoc will expand its portfolio through strategic international downstream investments, and develop Abu Dhabi’s unconventional gas resources,” the Crown Prince tweeted after a meeting of the Supreme Petroleum Council, the emirate’s highest policy-making body for the oil industry."



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