Abu Dhabi National Oil Company (ADNOC) affirmed its capability in facing and coping with the current fluctuations of global oil markets through improving operational efficiency, maximizing resource value through all phases of such commodity’s processing from exploration, production, refining and marketing of crude oil and petrochemicals.
ADNOC’s highlights came during the company’s participation in the Annual 24th Middle East Petroleum & Gas Conference, which kicked off in the capital Abu Dhabi today. H.E. Dr. Matar Al Neyhadi Undersecretary for the UAE Ministry of Energy delivered the opening keynote pointing to the investments conducted by ADNOC on all levels.
In his keynote on the company’s behalf, Mr. Abdulla Salem Al Dhaheri ADNOC Marketing & Refining Director underscored the significance to focus on identifying and maximizing value across the value chain in the upstream, downstream and petrochemicals sectors; empowering the company to adjust in facing and coping with global crude oil markets’ fluctuations.
“ADNOC aims to increase the production capacity of refined products and will produce new products such as Base Oil Group II and Group III, Carbon Black and Petroleum Coke following the expansion of the Ruwais refinery,” said Al Dhaheri. “The objective is to continue meeting the rising domestic demand, as well as to further enhance our presence in the international markets,” he added.
When it comes to markets’ fluctuations, Al Dhaheri said that oil markets would remain volatile in the short term, but would eventually recover, adding: “the likelihood of US$ 50 a barrel as average for the year 2016 is achievable (…) despite the lack of consensus between OPEC members and non-OPEC producers in Doha recently, we see that market forces are beginning to have their intended impact.”
“We must be resilient and agile to adjust to fickle market conditions. Oil markets will regain their balance in the second half of this year as supply from non-OPEC producers will decline and the overhang in the markets will be met by rising oil demand,” added Al Dhaheri.
The conference and alongside week program will continue till the end of the week with participation from wide range of senior representatives from ADNOC mentioned directorate. In addition, senior representatives from ADNOC companies such as Abu Dhabi Oil Refining Company (Takreer), Abu Dhabi Gas Development Company Ltd. (Al Hosn Gas) and Ruwais Fertilizer Industries (Fertil) are taking part, along their counterparts from leading oil and gas companies, especially in areas of refining, marketing, transport, shipping and petrochemicals.
MPGC 2016 is organised by “The Conference Connection Inc”.
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