ADNOC, ADQ form joint venture to catalyze UAE’s chemicals sector – Saudi Gazette

ADNOC, ADQ form joint venture to catalyze UAE’s chemicals sector – Saudi Gazette

ABU DHABI “” The Abu Dhabi National Oil Company, ADNOC, and holding company ADQ Wednesday signed a joint venture, JV, agreement to create a new investment platform to fund and oversee the development of industrial projects within the planned Ruwais Derivatives Park, a key enabler of ADNOC Downstream's 2030 smart growth strategy and the UAE's chemicals and industrial growth strategy.

The agreement was signed by UAE Minister of Industry and Advanced Technology ADNOC Group CEO Dr. Sultan Ahmed Al Jaber and ADQ CEO Mohamed Hassan Alsuwaidi.

Under the terms of the agreement, ADNOC and ADQ will jointly evaluate and invest in anchor chemicals projects. ADNOC will hold a 60 percent majority equity stake in the JV with ADQ holding the remaining 40 percent.

ADQ's extensive portfolio, including local and international logistics and transport, power and water, industrial construction, and other essential infrastructure and enabling services, will complement ADNOC's strong hydrocarbon feedstock position in Ruwais as well as its longstanding relationships with trusted international partners and investors.

These combined strengths will enhance the overall value proposition of the planned Ruwais Derivatives Park and, in turn, support the long-term growth of the broader Ruwais industrial complex and increased investment in the Emirate of Abu Dhabi.

The JV