The Abu Dhabi National Oil Company’s (Adnoc) new downstream growth strategy will be worth billions of US dollars, the energy major’s downstream director has said at an event in Abu Dhabi.

Adnoc will unveil its new strategy at a Downstream Investment Forum it will host in Abu Dhabi on 13 May.

“Next week [at the forum], we will be unveiling a multi-billion dollar refining and petrochemical transformation and growth scheme that will have advanced technology and innovation at its core,” Abdulaziz Alhajri said at the Research and Development Petroleum Conference and Exhibition (RDPetro) in Abu Dhabi on 9 May.

“In downstream, we continue to push the boundaries for developing stronger, lighter and more innovative solutions,” Alhajri said.

Adnoc is set to expand its refining and petrochemical complex in Ruwais, the fourth-largest refinery in the world, as part of its Vision 2030 plan.

It is expected that the expansion of the Ruwais refinery, which has a current refining capacity of 922,000 barrels a day (b/d), will be at the centre of Adnoc’s downstream investment offering. The Abu Dhabi oil giant plans to include a new 600,000 b/d refinery in the Ruwais complex.

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About 40 CEOs of global energy companies and 700 delegates are expected to attend the forum to explore opportunities for investing in and gaining from Abu Dhabi’s push for downstream expansion.

‘The forum will act as a platform to launch a number of new domestic and international Adnoc partnership and investment initiatives across the wider downstream value chain,’ the Abu Dhabi energy major said in a statement.