Abu Dhabi National Oil Company (Adnoc) has unveiled plans for a AED165bn ($45bn) downstream investment programme over the next five years.

Adnoc announced the plans at the Adnoc Downstream Investment Forum in the UAE capital on 13 May. The centrepiece of the investment programme will be the expansion of refining and petrochemical operations at its Ruwais complex. The scheme also includes targeted overseas investments to increase market access.

Through a dual-strategy of strategic partnerships and investment, Adnoc plans to establish Ruwais as the world’s largest integrated refining and petrochemicals complex. The Ruwais expansion will increase the volume of products produced at the site, and is expected to create more than 15,000 jobs by 2025 and contribute an additional 1 per cent to the UAE’s GDP per year.

The $45bn expansion programme will upgrade the whole Ruwais complex and includes building one of the world’s largest mixed feed crackers, trebling capacity from 4.5 million tonnes per annum (mtpa) to 14.4 mtpa by 2025.

Plans are already underway to develop a 600,000 barrels a darefinery at the Ruwais facility.