Abu Dhabi National Oil Company (ADNOC) said on Wednesday it has signed a memorandum of understanding with Ravago Group, to explore opportunities for cooperation at the Ruwais Industrial Complex in the UAE. Under the proposed agreement Ravago would build and operate a polyolefins compounding facility in the Ruwais Industrial Complex, ADNOC said in a statement. ADNOC plans to invest USD45bn over the next five years to expand its refining and petrochemicals operations, as it strives to become a global player in the downstream sector.
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