"With this partnership, new market opportunities will open up for Adnoc, as we not only help to ensure the energy security of the UAE's largest trading partner, but also gain greater access to one of the fastest-growing markets for high-quality crude oil".
Building on the existing strengths and competitive advantages of the Ruwais Industrial Complex, ADNOC will create the world's largest and most advanced integrated refining and petrochemicals complex.
Oil and Petroleum Minister Dharmendra Pradhan said that the United Arab Emirates (UAE) has chose to store six million barrels of oil in strategic storage for the very first time, thereby ensuring a strategic partnership between the two countries.
Union Minister of Petroleum and Natural Gas, Dharmendra Pradhan in response to the first consignment of ADNOC crude oil for Indian Strategic Petroleum Reserve (ISPR) on Saturday said, "This is a 7-year agreement".
ADNOC aims to become "a leading global downstream player, enabling it to further stretch the value of every barrel it produces to the benefit of ADNOC, its partners and the UAE", said the statement.
Additionally, ADNOC has announced the new Ruwais Conversion Park, which will take feedstock from the Derivatives Park and other Ruwais assets to manufacture end products.
ADNOC's existing and sizeable downstream portfolio comprises eight companies processing 10.5 billion standard cubic feet (scf) of gas per day, and with a refining capacity of 922,000 barrels per day (bpd) of condensate and crude.
Adnoc's facilities now process 10.5 billion standard cubic feet of gas per day and produce some 40 million tonnes annually of refined products, such as granulated urea, liquefied petroleum gas (LPG), naphtha, petrol, jet fuel, gas oil and base oils, fuel oil, as well as feedstock for chemicals.
As part of the plan, the refining capacity of the Ruwais facility, which now stands at 922,000 barrels per day (bpd), will be increased by more than 65,000 percent, or 600,000 bpd, by 2025 through an additional new refinery, creating a total capacity of 1.5 million barrels per day.
India has allowed Adnoc to sell a part of its Murban crude from the storage to Indian refiners. 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.
Ruwais, which now includes two refineries and petrochemicals facilities, owned and operated by Borouge - Adnoc's joint venture with Austria's Borealis - will be see development of a six square kilometre derivatives and conversions park that will be integrated with the larger complex.