Abu Dhabi National Oil Company (ADNOC) has inked a memorandum of understanding (MoU) with Italy’s Ravago Group to produce downstream derivative products in the Ruwais Industrial Complex in Abu Dhabi.
Under the agreement, the two firms will be also exploring upgrading and commercializing the non-prime product generated by Borouge, the Adnoc-Borealis JV.
The process, known as compounding, would take place at the proposed facility to be located in the Ruwais complex.
Furthermore, both companies will collaborate to use Ravago’s capabilities in the petrochemical chain.
The Italian firm operates 24 plants across four continents, producing plastics, rubbers and chemicals, catering to the automotive, electronics, and building and construction sectors.
Earlier this week, ADNOC said it plans to invest more than $45 billion in downstream operations over the next five years as the company looks to build the world’s largest integrated refining and petrochemicals facility.
The state-owned oil firm already is working to upgrade its Ruwais Industrial Complex, with plans to triple its production of petrochemicals to 14.4 million tonnes annually by 2025.
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