ADNOC, ADQ to joint form chemicals investment platform

ADNOC, ADQ to joint form chemicals investment platform

UAE - Mubasher: The Abu Dhabi National Oil Company (ADNOC) has inked an agreement with Abu Dhabi Developmental Holding (ADQ) to establish a joint venture which will boost the growth of the UAE's chemical sector.





Under the agreement, both companies will form a new investment platform to set up industrial and chemicals projects in the planned Ruwais Derivatives Park, Abu Dhabi-based industrial zone offering services to investors in the derivatives value chain, according to a press release on Wednesday.





The venture will also study the development of further identified projects in Ruwais and will disclose the study's results before the end of 2020.





The new chemicals platform will benefit from ADQ's portfolio, which includes local and international logistics and transport, industrial construction, and other main infrastructure and enabling services.





In addition, ADNOC has a strong hydrocarbon feedstock position in Ruwais and longstanding relationship with international partners.





ADNOC will hold a 40% majority equity stake in the joint venture, and ADQ will own the remaining 40%.





After requiring the necessary approvals, the venture will be registered in Abu Dhabi Global Markets with both companies jointly determining its management team and board.





UAE Minister of Industry and Advanced Technology and ADNOC Group CEO, Sultan Ahmed Al Jaber, said: "The range,