Total, Adnoc in talks to develop Abu Dhabi downstream sector
Adnoc is "very important" for the French energy giant, a company official said at Adipec
Total has said it is talks with the UAE’s National Abu Dhabi National Oil Company (Adnoc) to develop Abu Dhabi’s petrochemical and downstream sector.
Speaking to WAM, Hatem Nuseibeh, president of Total E&P UAE and total country chair in the Emirates, said the French energy giant is a company “for whom Adnoc is very important”, adding the UAE’s state-owned oil giant “has been going through huge changes over the past period and Total is very interested in working with Adnoc in terms of petrochemicals and downstream”.
He added: “As our [chief executive officer] said at the recent Downstream Forum, talks are ongoing between the two companies in this respect.”
The UAE state news agency spoke to Nuseibeh on the sidelines of the 21st edition of Abu Dhabi International Petroleum Exhibition and Conference, also known as Adipec, which opened early on 12 November at the Abu Dhabi National Exhibition Centre under the patronage of HH Sheikh Khalifa Bin Zayed Al Nahyan, President of the UAE.
Nuseibeh also commended the concessions agreement signed this week with Adnoc as a “big step on the path to develop the gas resources in the country”.
“It’s rather a natural agreement,” he added. “We have been here in this country since 1939, operating on offshore and onshore concessions. Total is continuing this longstanding partnership through this agreement, which is a significant step on the development of unconventional resources in this country.”
The news comes amid a flurry of Total activity in the Middle East.
Early October saw the French firm sign a contract with Saudi oil behemoth Saudi Aramco to start engineering studies for a planned $5bn (SAR18.8bn) petrochemicals complex in Jubail.
Speaking at the time, Aramco said the project would provide feedstock for other petrochemical and specialty chemical plants located in the Jubail industrial area and beyond.