Abu Dhabi’s Adnoc Forms Venture For Petrochemical Investment - Bloomberg:
Abu Dhabi National Oil Co. formed a venture with a state holding company to boost investment in petrochemical projects, part of the emirate’s drive to expand beyond raw crude into more valuable products.
Adnoc and its partner, ADQ, agreed to invest in and manage downstream activities at the planned Ruwais Derivatives Park, they said in a statement. They will complete a feasibility study this year.
The partners, both based in Abu Dhabi, capital of the United Arab Emirates, didn’t disclose financial details of the deal. Adnoc will hold 60% of the venture, with ADQ owning the rest.
Adnoc, like other Middle Eastern crude suppliers, faces an uncertain outlook for oil demand. Brent crude is down 33% this year to around $44 a barrel, hammered by the coronavirus and a gradual shift toward renewable sources of energy.
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