HOUSTON: State oil giant Abu Dhabi National Oil Co. (ADNOC) plans to build the world’s largest integrated refining and chemical site in Ruwais, United Arab Emirates, ADNOC’s chief executive officer said on Tuesday.
Speaking at the CERAWeek conference in Houston, Sultan Al-Jaber, head of ADNOC, said downstream investments like refining and chemicals represent the company’s biggest future opportunity. The company plans on tripling petrochemical production to 14.4 million tons annually by 2025, he said.
“Our goal by 2025 is to transform Ruwais into the largest integrated refining and chemicals site in the world — doubling our refining capacity and tripling our petrochemicals production,” said Al-Jaber.
Al-Jaber said the company also plans to make unexplored blocks of oil in the UAE available for auction in the near-future.
ADNOC to build largest global refining & chemical site -CEO
ADNOC to build largest global refining & chemical site -CEO
Closing Bell: Saudi main index climbs to 10,485
RIYADH: Saudi Arabia’s Tadawul All Share Index edged up on Sunday, gaining 34.32 points, or 0.33 percent, to close at 10,484.59.
The total trading turnover of the benchmark index stood at SR2.59 billion ($690 million), with 168 listed stocks advancing and 87 declining.
The Kingdom’s parallel market Nomu also gained 100.37 points to close at 23,454.65.
The MSCI Tadawul Index advanced by 0.13 points to 1,377.44.
The best-performing stock on the main market was Nama Chemicals Co., whose share price increased by 9.98 percent to SR22.38.
The share price of Al Masar Al Shamil Education Co. rose by 9.15 percent to SR23.85.
Saudi Paper Manufacturing Co. also saw its stock price climb by 8.42 percent to SR57.95.
Conversely, the share price of Canadian Medical Center Co. dropped by 6.37 percent to SR6.03.
The stock price of Kingdom Holding Co. also declined by 3.16 percent to SR8.28.
In the parallel market, Alfakhera for Mens Tailoring Co. was the top performer, with its share price advancing by 16.40 percent to SR8.80.
On the announcements front, Theeb Rent a Car Co. said it had signed a long-term vehicle leasing services contract valued at SR110.4 million with Hungerstation Co.
Under the deal, Theeb will lease 2,000 vehicles to HungerStation for a period of four years starting from 2026, according to a Tadawul statement.
The statement added that the vehicles will be delivered in batches within the first six months from the contract start date, taking into consideration global logistical circumstances and procedures beyond the control of both the agents and the company.
The contract is expected to have a positive impact on the company’s financials from the first quarter of 2026.
The share price of Theeb Rent a Car Co. declined by 0.79 percent to SR37.80.
