ADNOC and ADQ launch TA'ZIZ joint venture to drive growth in UAE Chemicals sector

The Chairman of the TA'ZIZ Board of Directors is Mr. Khaled Salmeen (ADNOC), with Mr. Ahmed Jasim Al Zaabi (ADNOC), Mr. Omar Suwaina Al Suwaidi (ADNOC), Mr. Nabeel Qadir (ADQ), and Mr. Hamad Al Hammadi (ADQ) being appointed as Board members. Mr. Khaleefa Yousef Al Mheiri (ADNOC) is appointed as Acting Chief Executive Officer.

Following a detailed feasibility study, TA'ZIZ will explore potential projects to manufacture a number of chemicals at a global scale, with opportunities for additional investors and partners to participate. Total investment in these projects could be in excess of USD 3 billion (AED 11 billion), with most of the chemicals produced in the UAE for the first time.

An industrial ecosystem will be created by ADNOC and ADQ, including a new port, utilities, infrastructure, feedstock supply and shared services at a total cost of well over USD 2 billion (AED 7 billion). These facilities will be made available to new investors under a "plug and play" concept, meaning that new projects can be plugged into the existing park infrastructure, lowering the cost of investment and further enhancing the Ruwais Derivatives Park's competitiveness. These developments will enhance the efficiency of logistics across the new identified projects, supporting the oil and gas services sector and associated industries.

The creation of a park management company is also underway to ensure ease of doing business and to help facilitate contact with relevant service providers and Government agencies for investors. This entity will prioritize digital integration across its services offer, further strengthening the Ruwais advanced technology value proposition over the long-term.

Contracts have been awarded for the first stages of development for the park site, and work is already underway. This includes geotechnical and topographical surveys, a marine bathymetric survey and health, safety and environment impact assessments. Once completed in late 2020, these surveys will enable civil engineering works to prepare the park site for construction and dredging for an entirely new port facility. Several design and engineering contracts will be awarded early 2021 for the design of the chemical plants as well as the required ecosystem.

The Ruwais Derivatives Park enjoys strong synergies with ADNOC's integrated downstream assets for feedstocks and services, as well as advantaged maritime, land and air logistics and transport links. The park site is adjacent to the Ruwais Industrial Complex and enjoys a favorable location at the crossroads of east-west trade flows and routes to the UAE's target markets, with a third of the world's population accessible within four hours by plane. The city of Ruwais is today well-positioned to further grow and flourish with the influx of families that seek to build careers and lives in what has become a dynamic, highly attractive residential community.