A joint venture to stimulate the industry and the growth of the petrochemical sector

ADNOC and Holding Company reveal the media identity of Tazeez

“Tazeez” will contribute to providing specialized job opportunities for citizens.

WAM

The Abu Dhabi National Oil Company (ADNOC) and the “Holding Company” (ADQ) revealed the media identity of the joint venture “Tazeez”, which was established by the two parties with the aim of stimulating the industry and the growth of the petrochemical sector in Ruwais, achieving economic diversification, and advancing technology-based development.

A statement issued yesterday stated that the media identity of the "promotion" company reflects the ambition of "ADNOC" and "the Holding", to start stimulating industrial growth in Ruwais, and is in line with ADNOC's objectives to increase the value of every barrel of oil produced, refined, shipped and sold. And the provision of local alternatives to imports to achieve self-sufficiency.

"ADNOC" and "Holding" announced, last July, 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 "Tazweer", and a preliminary list of investment projects to be developed in the "Ruwais Petrochemical Derivatives Complex", whose value exceeds 18 billion dirhams.

It was also announced that contracts for the complex were awarded.

The Minister of Industry and Advanced Technology and CEO of ADNOC and its Group of Companies, Dr. Sultan Ahmed Al Jaber, said: “We are pleased to launch (Enhance) and define initial investment plans, in line with the directives of the wise leadership to achieve the maximum possible value from ADNOC's assets, in its various fields of business. ».

Al-Jaber added that “(Enhancement) benefits from unifying efforts and common strengths between (ADNOC) and (Holding), to create a unique platform that acts as a primary catalyst for industrial growth and economic diversification in the country,” indicating that “(Enhancement) will contribute, upon completion of Its first basic projects are to provide specialized job opportunities for citizens, and to create new sources to increase the local added value.

For his part, CEO of the Holding Company, Muhammad Hassan Al-Suwaidi, said that “the establishment of (promotion) embodies the strategy and aspirations of ADNOC and (Holding), whose aspirations are not limited to contributing to the diversification of industrial components within the country's future economy, but also to work. Also, to form local partnerships necessary to achieve such important achievements ».

ADNOC completes the first phase of the predictive maintenance project

Abu Dhabi National Oil Company (ADNOC) announced yesterday that it has successfully completed the implementation of the first phase of the predictive maintenance project, which aims to monitor and analyze the efficiency and safety of its assets, and to raise and enhance their effectiveness in its various operations, which include exploration, development, production, processing and refining.

The project applies artificial intelligence techniques, such as: machine learning and digital twinning, to monitor assets and their efficiency, analyze data, and then predict faults before they happen.

Predictive maintenance is expected to reduce maintenance costs by up to 20%, as well as contribute to the sustainability of operations and increases the reliability of production.

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