RIYADH: The Abu Dhabi National Oil Co. has dropped plans to build a 400,000 barrels per day refinery in Ruwais citing changing economic outlook for the project.
In a statement, the Emirati national oil company said: “We regularly assess market conditions and global supply and demand considerations. This ensures ADNOC’s economic resilience and the future-proofing of our business operations. As a result of our early feasibility and pre-feed (front-end engineering and design) studies, we have concluded that at this time a new refinery is not economically attractive.”
