The Gaza Post|The News of Palestine-Abu Dhabi
The Abu Dhabi National Oil Company (Adnoc) said it has signed a Memorandum of Understanding (MoU) with Ravago Group (Ravago), a leading service solutions provider in the global polymers and chemicals market, to explore opportunities for cooperation at the Ruwais Industrial Complex in the UAE.
A leading Belgian group, Ravago’s manufacturing segment, operates 24 plants across 4 continents, producing plastics, rubbers and chemicals, serving the automotive, electronics, and building and construction industries through the company’s global distribution network.
The companies signed the agreement at Adnoc’s Downstream Investment Forum, where the Abu Dhabi firm revealed plans to significantly enhance and expand its downstream operations in support of its ambition to become a leading global downstream player.
As part of Adnoc’s efforts to maximise value across its value chain, the duo will explore ways to upgrade and commercialise the non-prime product generated at Borouge, the joint venture between Adnoc and Austria-based Borealis.
This process, known as compounding, would take place at the proposed facility, situated in the Ruwais Industrial Complex.
Borouge is a leading petrochemicals company that provides innovative plastics solutions for the energy, infrastructure, mobility, packaging, healthcare and agriculture industries.
With 4.5 million tonnes of annual capacity, Borouge is the world’s largest integrated polyolefin complex, with the ambition to more than double its current capacity by 2025.
The duo said as per the agreement they will discuss further opportunities to unlock value and growth within the petrochemical value chain as part of Adnoc’s downstream expansion.
Both companies will also explore potential collaboration opportunities leveraging Ravago’s strengths across multiple areas to further unlock value within the petrochemical chain.
Abdulaziz Abdulla Alhajri, the director, Downstream Directorate, Adnoc, said: “We seek to create partnerships with those who can bring additional value to our hydrocarbon resources, downstream assets and the UAE economy at large.”
“This proposed collaboration with Ravago is an excellent example of a partner bringing world-class technologies and expertise to complement Adnoc’s strengths, unlocking conversion value and creating efficiencies, for the benefit of both partners,” he noted.
Ravago CEO Theo Roussis said this project confirms the group’s commitment to the region and its legacy business, recycling, compounding and distribution.
The Ruwais Industrial Complex, where the new potential venture will be located, is already home to one of the largest downstream sites in the world, he stated.
Adnoc aims to further develop and expand Ruwais into the world’s largest integrated refining and petrochemicals complex, that will also include a large-scale, integrated manufacturing ecosystem, through the creation of new petrochemicals derivatives and conversion parks.