Adnoc announced this week that eight local investors have signed up to take up to 20% in the $4bn Ta’ziz Industrial Chemicals Zone at Ruwais. Ta’ziz is being developed by Abu Dhabi state firm Adnoc and state-holding firm ADQ. Adnoc CEO Sultan al-Jaber says “we are delighted to welcome leading UAE-based investors to partner with Adnoc and ADQ to further accelerate the development of Ta’ziz. This equity partnership, the first Public Private Partnership of its kind in Abu Dhabi’s chemicals industry, highlights Adnoc’s continued commitment to deepening our contributions to local industry and pioneering new, innovative means of collaboration with the UAE’s private sector.”
There are seven planned anchor projects at the chemicals zone, and so far Adnoc has brought in partners for a blue ammonia project (MEES, 19 November), and a chlor-alkali, ethylene dichloride and polyvinyl chloride (PVC) production facility (MEES, 2 July). (CONTINUED - 147 WORDS)