Abu Dhabi National Oil Company (Adnoc) has signed a memorandum of understanding (MoU) with Italy's Ravago Group toward a joint venture to produce downstream derivative products at the Ruwais Industrial Complex in Abu Dhabi.
Adnoc and Ravago will explore ways to upgrade and commercialise the non-prime products generated by Borouge - the petrochemicals joint venture between Adnoc and Austria’s Borealis.
The process, known as compounding, would take place at the proposed facility in the Ruwais complex. Adnoc is investing $45bn to convert the Ruwais complex into the world’s largest integrated refining and petrochemicals facility.
Ravago’s manufacturing segment operates 24 plants across four continents producing plastics, rubbers and chemicals for the automotive, electronics, and building and construction sectors.
Both companies will also work on utilising Ravago’s capabilities beyond polymers to further unlock value within the petrochemical chain.
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