State petroleum firm Abu Dhabi National Oil Company unveiled its plans to transform its downstream sector during a high-profile conference on 13 May. It announced details of an Dh165bn ($45bn) plan to turn its downstream operations at Ruwais, 240km west of Abu Dhabi city, into “the world’s largest integrated refining and petrochemicals complex.”

UAE Minister of State and Adnoc chief executive Sultan al-Jaber told the Adnoc Downstream Investment Forum that “given the...