The Abu Dhabi National Oil Company (ADNOC) has entered into a memorandum of understanding (MOU) with Ravago Group to explore opportunities for cooperation at the Ruwais Industrial Complex in the UAE.
Image: ADNOC and Ravago will explore opportunities for cooperation at Ruwais Industrial Complex. Photo: courtesy of Abu Dhabi National Oil Company.
Both firms will explore routes to upgrade and commercialize the non-prime product generated at Borouge, which is a joint venture of ADNOC and Austria-based Borealis.
The process, which is named as compounding, will be carried at the proposed facility, located in the Ruwais Industrial Complex.
In addition, both firms will explore chances to work together for strengthening Ravago’s expertise in multiple areas to further unlock value within the petrochemical chain.
ADNOC downstream directorate director Abdulaziz Abdulla said: “ADNOC seeks to create partnerships with those who can bring additional value to our hydrocarbon resources, our 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.”
Ruwais Industrial Complex already houses one of the largest downstream sites in the world.
ADNOC intends to further develop and extend Ruwais into the world’s largest integrated refining and petrochemicals complex through developing new petrochemicals derivatives and conversion parks.
The site will include large-scale and integrated manufacturing ecosystem.
The deal has been signed at ADNOC’s Downstream Investment Forum, where the firm unveiled plans to extend its downstream operations.
Ravago CEO Theo Roussis said: “This project confirms our commitment to the region and our legacy business, recycling, compounding and distribution.”
The manufacturing segment of Ravago manages 24 plants across four continents, which are involved in the production of plastics, rubbers and chemicals.