UAE oil giant halts refinery after Iranian drone strike

Abu Dhabi's state oil company ADNOC halted the Ruwais refinery after an Iranian drone strike sparked a fire.

Source: Reuters

Details: The decision was taken after a fire broke out at one of the facilities within the complex following the drone strike.

Earlier the emirate's government media office said Abu Dhabi authorities are responding to the fire and that no casualties have been reported.

The Ruwais complex hosts ADNOC facilities with refining capacity of up to 922,000 barrels a day and serves as the emirate's central hub for refining and petrochemicals, including major capacity for chemical products, fertilisers and industrial gases.

A source with knowledge of the situation said the refinery was shut down as a precautionary measure. The source said all other operations at the complex continue as normal.

Background:

• Earlier, US President Donald Trump said he plans to lift oil sanctions against some countries in order to reduce global oil prices, which have surged due to the war against Iran and the blocking of the Strait of Hormuz.
• Key Middle East oil producers continue to cut output as the Strait of Hormuz remains largely blocked, adding to turmoil in energy markets.
• Saudi Aramco CEO Amin Nasser warned of "catastrophic consequences" for the global economy if the war between the United States and Iran drags on.

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