ADNOC and "Holding" launch their joint venture "Tazeez" to stimulate the industry and the growth of the petrochemical sector in the UAE

Abu Dhabi National Oil Company "ADNOC" and "Holding" / ADQ /, one of the largest holding companies in the region that owns a wide portfolio of major companies operating in key sectors within the diversified economy of the Emirate of Abu Dhabi, today revealed the media identity of the joint venture established by the two parties with the aim of Stimulating industry and the growth of the petrochemical sector in Ruwais, achieving economic diversification and advancing technology-based development.

The media identity of “Enhancement” reflects the ambition of both ADNOC and the Holding Company / ADQ / to start stimulating industrial growth in Ruwais.

"Enhance" is also in line with ADNOC's goals of increasing the value of every barrel of oil produced, refining, shipping and selling, and providing local alternatives to imports to achieve self-sufficiency.

Last July, ADNOC and ADQ Holding announced their intention to establish this joint venture and register it on the Abu Dhabi Global Market.

The two parties announced the members of the Board of Directors of "Tazeez" and a preliminary list of investment projects to be developed in the "Ruwais Petrochemical Derivatives Complex", whose value exceeds 18 billion dirhams (5 billion dollars).

Contracts for the complex have also been announced, paving the way for a new phase of industrial growth based on advanced technology in Abu Dhabi.

The Minister of Industry and Advanced Technology, Chief Executive Officer of Abu Dhabi National Oil Company (ADNOC) and its Group of Companies, Dr. Sultan bin Ahmed Al Jaber, said on this occasion: “We are pleased to launch“ Tazweer ”and define initial investment plans in line with the wise leadership's directives to achieve the maximum possible value from ADNOC's assets in Today’s announcement represents a major step in implementing ADNOC’s 2030 smart growth strategy, and establishing the UAE’s position as a global competitive position in the petrochemical sector and a major destination for attracting foreign direct investment.

He added, "TAIZEZ" benefits from uniting the efforts and common strengths between ADNOC and ADQ to create a unique platform that acts as a main catalyst for industrial growth and economic diversification in the country. Upon completion of its first basic projects, TAIZEZ will contribute to providing opportunities. Specialized work for citizens, creating new resources to increase local added value, in addition to building an advanced industrial system in Ruwais for entrepreneurs and investors.

For his part, CEO of ADQ Holding / Mohamed Hassan Al-Suwaidi said: “The establishment of“ strengthening ”embodies the strategy and aspirations of both ADNOC and the Holding, which are not limited to contributing to the diversification of industrial components within the future UAE economy only. It is also working on forming local partnerships necessary to achieve such important achievements. Given the diversity of the companies affiliated with the "Holding", which include Abu Dhabi Ports Company, Abu Dhabi National Energy Company "Taqah", Etihad Railways, Emirates Steel, Ducab and Arkan, this qualifies us to present many One of the advantages of this joint venture is that we will be keen to consolidate the confidence that we are in to ensure the success of "Naziz". "

Khalid Salmin (ADNOC) was appointed Chairman of the Board of Directors of Tazeez, whose membership includes Ahmed Jassim Al Zaabi (ADNOC), Omar Suwaina Al Suwaidi (ADNOC), Nabil Qader (Holding), and Hamad Al Hammadi (Holding), while Khalifa Yousef Al Muhairi (ADNOC) was appointed As Acting CEO.

The completion of a detailed feasibility study for the Ruwais Petrochemical Derivatives Complex was announced, as it intends to "promote" the establishment of projects to manufacture seven chemicals on a global scale, providing additional opportunities for investors and partners to participate in the projects.

Most of these chemicals will be produced in the UAE for the first time, and it is expected that the total investment in the projects will exceed 11 billion dirhams (3 billion dollars).

ADNOC and the Holding Company / ADQ / are working to establish an integrated industrial system in the "Ruwais Petrochemical Derivatives Complex", including a new port, facilities, integrated infrastructure, supplies of raw materials and joint services, at a total cost of more than 7 billion dirhams ($ 2 billion).

These facilities will allow new investors to establish their businesses smoothly and easily, reduce the cost of capital and initial investments, enhance the competitiveness of the Ruwais complex for petrochemical derivatives, as well as drive the growth of the logistics and support services sector for the oil and gas industry.

A company will also be established to manage the Ruwais complex for petrochemical derivatives to ensure ease of establishing and practicing business for investors, as this company will provide services that ensure facilitating contact with contractors and government agencies to increase the attractiveness of the complex, which will also provide the latest technologies to advance the manufacturing sector based on advanced technology.

Preparing and preparing the Ruwais complex for petrochemical derivatives and manufacturing industries is currently underway, as it has been announced that a package of contracts will be awarded to conduct comprehensive surveys of the site of the complex currently being implemented.

Comprehensive surveys include geotechnical and topographic surveys, marine depth surveys, and an impact assessment study on health, safety and environmental aspects.

Civil engineering works will begin upon the completion of the survey work at the end of 2020, in order to prepare the site for the complex and prepare it for the construction of enabling facilities such as the new industrial port.

A number of design and engineering contracts will be awarded, including the design of chemical plants, in addition to the required environmental system in early 2021.

The "Ruwais Petrochemical Derivatives Complex" benefits from a host of important advantages, including its proximity to ADNOC's integrated refining and petrochemical assets, raw materials projects and enabling services, in addition to competitive maritime transport advantages and land and air logistical links.

The "Ruwais Petrochemical Derivatives Complex" will be built in an adjacent area to the Ruwais Industrial Complex, benefiting from a distinct strategic location at a point that is the crossroads of trade flows between East and West and the routes leading to growth markets targeted by ADNOC.

The complex also benefits from its proximity to the city of Ruwais, which will witness more prosperity and population growth with the delegations of the families of workers in the complex to this vibrant city.

The development of the petrochemical derivatives industry in Ruwais is the cornerstone of ADNOC's strategy for growth in the field of refining and petrochemicals, which it announced at the ADNOC Investment Forum in this field in 2018. Since then, ADNOC has attracted significant foreign investments and expanded its partnerships in the areas of refining, fertilizers and infrastructure assets. For pipelines.

At the core of ADNOC's refining and petrochemical strategy is to benefit from its global assets in this sector to create an integrated and advanced refining, petrochemical and industrial center in Ruwais City.

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