Indian Strategic Petroleum Reserves Ltd (ISPRL) had then signed an agreement with ADNOC which allows the firm to store 5.86 million barrels of crude in the strategic facility at Mangalore at its own cost.
Al Jaber said "given the projected increase in demand for petrochemicals and higher value refined products, we are repositioning ADNOC to become a leading global downstream player".
The work will upgrade the refining and petrochemicals plant at Ruwais in partnership with worldwide energy firms, he said.
Minister for Petroleum and Natural Gas, Dharmendra Pradhan and UAE's Minister of State and ADNOC Group CEO, Sultan Ahmed Al Jaber, attended a ceremony to load approximately 2 million barrels of crude oil and flag it off. The UAE last year approved five-year spending plan of Dh400bn to be invested in exploring for the country's sour gas reserves as well as acquiring and developing downstream assets overseas.
According to the company, the investment and a number of strategic partnerships will help the company increase its range and volume of downstream products, secure access to growth markets and create a new manufacturing ecosystem in Ruwais that will create over 15,000 jobs and contribute an additional 1 percent of GDP by 2025.
In November, Abu Dhabi announced plans to invest $109 billion (81 billion euros) in the energy sector over the next five years.More news: Allardyce sets Everton transfer rumour straight - 'Let's put this right'
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"Building on its legacy of success, Adnoc has undertaken a significant group transformation program over the last two years". The company has improved its operational efficiency, enhanced performance and realigned the management of its portfolio of assets and capital to create a new and expanded partnership and investment model.
Adnoc has about 900,000 barrels a day of refining capacity at home, mainly at Ruwais on the Gulf coast.
The plans also call for the creation of the Ruwais Derivatives Park to be built on a six square kilometer area adjacent to - and integrated with - the larger Ruwais complex.
ADNOC plans to expand refining and petrochemical operations at Ruwais by adding a third refinery to boost capacity by 600,000 barrels per day (bpd) by 2025, lifting total refining potential to 1.5 million bpd.
An Odia working in Abu Dhabi National Oil Company (ADNOC) said it gives an vast pleasure and pride that a person from Odisha is heading a key portfolio in the Union cabinet.