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UAE Yearbook 2010
in november 2009, it awarded the first contracts for the us$10 billion (dh37 bn) ruwais refinery project, which will serve as the foundation for the emirate s diversification into petrochemicals. the two contracts to build key equipment for the 417,000 bpd refinery, which is expected to start production in 2013, were worth a total of us$5.2 billion (dh19.1 bn). the decision to proceed with the project during a sustained downturn in refining margins is part of a strategic move to capture a greater share of the global market for refined oil products when the economy recovers. related to this venture, adnoc s fertiliser arm, fertil, has announced plans to spend us$1.2 billion to build a new plant at ruwais, located about 200 kilometres west of the uae capital on abu dhabi s coast. in july 2009, the vienna-based plastics maker borouge, jointly owned by adnoc and the austrian oil company omv, awarded a us$1 billion contract under a programme to expand facilities at ruwais. dubai dubai s oil production, which once accounted for about half the emirate s gdp, has fallen dramatically from its 1991 peak of 410,000 bpd. by 2007 it had dropped to 80,000 bpd. as a result, the second largest uae emirate has swung from being a net oil exporter to importing most of its petroleum requirements. while it continues to pump gas from offshore fields, dubai also consumes more fuel than it produces, and is increasingly dependent on imports to make up the difference. the emirate already purchases several hundred million cubic feet per day of gas from dolphin energy, an abu dhabi company that imports gas by pipeline from qatar. in 2011, after completing the construction of a receiving terminal, dubai will start importing 650,000 tonnes per year of lng under a contract with qatar petroleum and shell. dubai remains deeply involved in the petroleum sector, however, as a hub for oil trading and energy services. the port of jebel ali, located about 35 kilometres south-west of the city of dubai, handles a large part of the uae s trade in refined petroleum products and can accommodate tankers of up to 80,000 tonnes capacity.  in 2008, the dubai multi commodities centre (dmcc) signed a framework agreement with investors for a us$200 million project to build an oil storage terminal at jebel ali, with the aim of enhancing dubai s role as a regional oil products trading hub and of supporting the emirate s burgeoning civil aviation sector. 95 > oil and gas
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