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FINANCIAL NEWS
Abu Dhabi’s Takreer to carry out $10b expansion
07 Nov 2010
(MENAFN) A spokesperson for Abu Dhabi-based oil refining company Takreer, announced that the company has signed agreements to carry out three major expansion projects valued at more than $10 billion by the end of 2013, Gulf News reported.
The expansion projects come as a part of Abu Dhabi National Oil Company’s (ADNOC) plans to develop the downstream industry in the country and meet future requirements for oil and gas.
The projects aim to satisfy the increasing demand for high quality petroleum products in the local market, as well as solidifying Adnoc’s presence in the international market for finished products while meeting future stringent specifications, integration with the neighboring petrochemical industry by exporting 1.1 million tons per year of propylene to the Borouge olefins complex in Ruwais.
This will result in saving investment cost and reducing operating cost to the benefit of both operating companies.
As a result of the expansions, Takreer will increase its output to reach 417,000 barrels per day and nearly double its production of transportation fuels; gasoline, jet and diesel.
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