ADNOC, ADQ launch new joint venture to develop UAE’s chemical sector

ADNOC, ADQ launch new joint venture to develop UAE’s chemical sector

UAE - Mubasher: The Abu Dhabi National Oil Company (ADNOC) and ADQ have established a new joint venture, named TA'ZIZ, to promote the development of industrial projects within the planned Ruwais Derivatives Park and improve Abu Dhabi's chemical sector.

The new joint venture is in line with ADNOC's strategy to raise the value from every barrel refined, shipped, and sold and achieve self-sufficiency with domestic production, according to a press release on Tuesday.

In July 2020, ADNOC and ADQ announced their intention to set up the venture with incorporation in Abu Dhabi Global Market.

Potential investment projects selected for the Ruwais Derivatives Park will amount to over AED 18 billion ($5 billion).

Meanwhile, TA'ZIZ will explore potential projects