ADNOC targets growing polymers market from China’s auto, infrastructure sectors
ABU DHABI, UAE – The Abu Dhabi National Oil Company (ADNOC) is targeting rapid growth in demand for its polymer products from China’s automotive industry and the country’s investment in gas and electricity infrastructure.
ADNOC is focused on market expansion in China and Asia, where demand for petrochemicals and plastics, including light-weight automotive components, essential utility piping and cable insulation, is forecast to double by 2040.
“The push is part of ADNOC’s overall 2030 strategy aimed at a more profitable upstream, more valuable downstream, more sustainable, economic gas supply and world class talent,” The company said in a press release. “Expansion in China and Asia is a critical component of this strategy, particularly when it comes to maximizing value from downstream operations.”
In response to Asia’s increasing demand for higher value products, ADNOC will ramp up its petrochemical capacity from 4.5 MMtpy in 2016 to 11.4 MMtpy by 2025.
Meanwhile, earlier this year, ADNOC strengthened its relationship with China’s hydrocarbons sector, when it finalized oil concession partnership agreements with the China National Petroleum Company (CNPC) and CEFC China Energy Company Limited (CEFC China).
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