The UAE Plans The Last Few Decades Of Its Oil Game

Abu Dhabi’s state oil company ADNOC will soon expand its investments to refineries abroad, a new report by Bloomberg indicates, suggesting the emirate is seeking to strengthen ties with its petrostate counterparts around the world in the industry’s dying decades. A total investment of $109 billion in the next five years will be funneled into plants abroad. Some of the money will also be used to develop technologies to drill unconventional gas, recovered from difficult to access rocks, by the year 2030. “Adnoc will expand its portfolio through strategic international downstream investments, and develop Abu Dhabi’s unconventional gas resources,” Crown Prince Mohamed bin Zayed Al Nahyan said on Monday after a meeting of the Supreme Petroleum Council, the emirate’s highest policy-making body for the oil industry. The UAE’s oil-producing rivals, Saudi Arabia and Kuwait, bought out refiners and chemical plants in China and Vietnam to ensure demand for their […]

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