Adnoc has about 900,000 barrels a day of refining capacity at home, mainly at Ruwais on the Gulf coast.
An initial agreement for ADNOC taking stake is slated to be signed in UAE on Sunday, official sources said.
"ADNOC needs to shift its focus to. downstream in a way to help enhance our commerciality, increase our profitability and maximize value from every barrel we produce", he said at ADNOC's headquarters in Abu Dhabi. "Our aim here is to make it become the single largest integrated refining and petrochemicals complex in the world", al-Jaber said.
Today's loading comes the day before Adnoc hosts a major Downstream Investment Forum in Abu Dhabi, where it will unveil more details of its expanded Downstream Strategy, including its new Ruwais industrial hub masterplan.
Abu Dhabi [U.A.E.], May 13: Union Petroleum and Natural Gas Minister Dharmendra Pradhan on Sunday called United Arab Emirates (UAE) a reliable partner of India while appealing to all the stakeholders of Downstream Investment Forum to invest in India.
Tornado watch issued for 7 NJ counties
Severe weather sweeping through the area this evening could bring heavy rain and thunderstorms to parts of the Garden State. Friday, the Central Nebraska Regional Airport in Grand Island reported a peak wind speed of 64 miles per hour .
Al Jaber said "given the projected increase in demand for petrochemicals and higher value refined products, we are repositioning ADNOC to become a leading global downstream player". By 2022, it plans to double gasoline production to about 10 million tons a year and triple petrochemicals capacity to 11.4 million tons a year.
State-owned Adnoc will increase its current refining capacity of 922,000 barrels per day (bpd) - already the world's fourth largest - by addition of a new 600,000 bpd refinery that will boost its total capacity to process crude and condensate to 1.5 million bpd, making it the largest such facility in the world.
India's oil minister on Saturday expressed concern about the rise oil prices but said it was too early to predict the impact of USA sanctions on his country's imports of Iranian oil after Washington withdrew from the Iran nuclear deal. Ruwais' chemicals segment will see a trebling of production capacity from 4.5 million tonnes per annum to 14.4 mtpa by 2025, as plans get underway for the world's largest mixed feed cracker.
Adnoc will also develop a new, large-scale, manufacturing ecosystem in Ruwais through the creation of new petrochemical Derivatives and Conversion Parks. The Ruwais Derivatives Park will act as a prime catalyst for the next stage of petrochemical transformation by inviting partners to invest and produce new products and solutions from the growing range of feedstocks that are available in Ruwais. The Conversion Park, occupying another 3.6 square kilometers, will also act as a catalyst for the creation of focused industry clusters, that cannot only supply products and solutions using the derivatives and other facilities available, but will also leverage the proximity of such an interconnected ecosystem to drive expertise, innovation and entrepreneurship.