Abu Dhabi National Oil Co (Adnoc) plans to spend $60 billion over the next 10 years in oil, gas and petrochemical projects, including increasing the emirates oil production, the firms chief executive has said.

Yousef Omair bin Yousef told Saudi-owned Al Hayat newspaper that the state-run company and its subsidiaries have started projects to increase Abu Dhabi's current production capacity from 2.5 million barrel per day (bpd) to 3.5 million bpd by 2017.

He said the production increment would be secured through increasing the output of existing oil fields and the development of new ones.

The main oil producer for Opec-member the United Arab Emirates also has plans to increase its petrochemical production. - Reuters