The Abu Dhabi National Oil Company (ADNOC) and its Group of Companies highlighted its contribution to supporting the development of the UAE petrochemicals industry and the diversification of national economy through participation at the 3rd UAE-Korea Economic Partnership Forum held on May 27, 2013, in Seoul, South Korea.
The event provides ADNOC and its Group of Companies with a unique platform to reinforce its strong business relations with the top South Korean industrial firms, discuss ways to enhance their economic partnerships in all sectors and discover opportunities for future cooperation.
H.E Abdullah Bin Mohammed Ghobash, Minister of State inaugurated the forum in the presence of Sheikh Sultan bin Ahmed Al Qassimi, Chairman of Sharjah Media Corporation, Abdullah Khalfan Al-Rumaithi, UAE Ambassador to South Korea and H.E Abdulla Bin Ahmed Al Saleh, Undersecretary, Ministry of Economy.
ADNOC and its Group of Companies are very keen to participate in this Forum due to its key role in strengthening the economic business relations between the UAE and Korea. It is a good opportunity to reinforce the continued commitment to enhance the business partnerships with the major Korean companies and to demonstrate mutual successful projects and joint ventures.
As one of the world’s major oil and gas companies, ADNOC and its Group of Companies have partnered with a number of Korean giant companies to establishing several mega projects in the UAE.
The Abu Dhabi Gas Industries Limited (GASCO), one of ADNOC’s major subsidiaries that is specialized in processing onshore natural gas and associated gas from onshore and offshore oil production, has implemented a number of key projects in partnership with South Korea’s giant companies, Samsung and Hyundai. GASCO’s mega projects include Habshan 5 Utilities and Offsites with Hyundai Engineering and Construction, Ruwais 4th NGL Train with GS Engineering & Construction in a joint venture with Petrofac and Nitrogen Injection with Samsung Engineering.
The Abu Dhabi Oil Refining Company (Takreer), another company of ADNOC’s that works in crude oil and condensate refining and supply of petroleum products, has hired four South Korean contractors to complete its Ruwais Refinery Expansion (PRE) project. They include M/S SK Engineering & Construction, M/S GS Engineering & Construction, M/S Samsung Engineering and M/S Daewoo Engineering & Construction.
The Abu Dhabi Polymers Company (Borouge), an ADNOC subsidiary and a leading provider of innovative, value creating plastics solutions, highlighted the four mega projects that Borouge has partnered with well-known South Korean companies to complete. These mega projects are part of Borouge’s expansion strategy which aims to ensure its commitment to continue meeting the increasing demands of polyolefins markets in the Middle East and Asia. The projects include building the world’s largest Olefins Conversion Unit by Samsung at Borouge 2 plant, building a Low Density Polyethylene (LDPE) unit at Borouge 3 plant by a joint venture consortium of Samsung and Technimont, building Utilities and Off-site facilities for Borouge 3 plant by Hyundai and building a Cross-Linkable Polyethylene (XLPE) unit at Borouge 3 plant by Hyundai.
The fourth ADNOC companies that showcased its mutual mega projects with top South Korean industrial companies was the Abu Dhabi National Tanker Company and the National Gas Shipping Company (ADNATOC & NGSCO) which are responsible for delivering the UAE’s energy to the world. ADNATCO & NGSCO have recently expanded its fleet by taking delivery of 17 new vessels in 2010-2011. Sixteen of the new vessels comprising handy-sized bulk carriers, Panamaz and Aframax tankers and bulk carriers were built in South Korea, mostly in HHI and STX shipyards.
A trade fair has been organized aside the Forum where industrial companies from the UAE and South Korea showcased their products and mutual projects. The exhibition provided ADNOC companies with the opportunity to exchange ideas, experiences and best practices of the industry with representatives of high-level regional and international petrochemical companies.
Bilateral meetings have been held during the event between the heads of participating refining and petrochemicals companies from the UAE and South Korea where they discussed issues of mutual concern focusing on the technical and business changes and the extensive opportunities the Middle East.