Our successful positioning in the Downstream oil sector over recent years is thanks to technological innovation, which has enabled us to relaunch structurally weak production sites, reducing exposure to volatile oil costs. The Ruwais complex is fourth in the world in terms of production capacity and guarantees a high level of conversion. The refinery gives us access to one of the leading market opportunities for expansion in terms of efficiency and profitability. The acquisition of Ruwais is also part of our strategy to geographically diversify our overall portfolio and make it increasingly balanced across the value chain. It enables us, for example, to increase our refining capacity by around 35 per cent and significantly improve our forward-looking profitability. This, in turn, means that from 2020 we can reduce the breakeven margin from $3 per barrel to $2.7 per barrel, and down to $1.5 per barrel on completion of the refinery upgrade, bringing the conversion capacity to around 1.1 million barrels per day by 2023.
Workplace safety is a fundamental principle that we share with employees, contract workers and local communities. For that reason, we implement all necessary measures to avoid accidents, including organisational models to assess and manage risk, training programmes, skills development and the promotion of a culture of safety.
The Ruwais refining complex is equipped with the best technology available and has already demonstrated a resilient refining margin. It benefits from important competitive advantages in terms of integration, economies of scale, plant complexity, efficiency and proximity to Upstream fields (which supply crude oil and natural gas), and lies at the fulcrum of Eastern and Western markets.
There is already a development plan in place to increase competitiveness and the ability to generate profits by increasing flexibility in the selection of processable crudes and through energy efficiency. We will contribute to the technological development of the plants, having already gained extensive experience in the management of the processes used by ADNOC Refining in European refineries, such as fluidised-bed catalytic cracking, hydrocracking, conversion and desulphurisation of residues, coking and other optimisations to maximise the margin of refined barrels.
Results so far
A few highlights of our success, thanks to Ruwais:
3.3 bln $
value of the acquisition of the refinery
-50%
overall breakeven margin
+40%
Eni’s global refining capacity by 2024
Press releases
Keep up to date with the latest news about our work in the country and our projects in the region.
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