UAE's Abu Dhabi National Oil Company (ADNOC) will invest $3.1 billion to introduce “crude processing flexibility” at its Ruwais refinery, the company said in a statement on Wednesday.

 

The modification is aimed at accelerating ADNOC's downstream strategy and boosting exports of Murban crude, which commands a premium on global oil markets.

 

The Ruwais Refinery-West complex will process up to 420,000 barrels per day of Upper Zakum crude, or similar crude types from the market, the company said.

 

A joint venture between South Korea's Samsung Engineering and Netherlands' CB&I has won the engineering, procurement and construction (EPC) contract for the project, which is scheduled to be completed by end-2022, the company added.

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