Taziz, Proman in deal to develop UAE’s first methanol unit

Taziz, Proman in deal to develop UAE’s first methanol unit

UAE - Abu Dhabi Chemicals Derivatives Company (Taziz) and Proman, one of the world’s leading producers of methanol, have signed a shareholders' agreement to develop the UAE’s first world-scale methanol production facility at the Taziz Industrial Chemicals Zone in Al Ruways Industrial City, Abu Dhabi.

The facility has an anticipated annual capacity of up to 1.8 million tonnes and will meet growing domestic and international demand for this clean and versatile chemical commodity, said a statement from Taziz.

Methanol has a variety of uses including in fuels, solvents, pharmaceuticals and construction materials and has growing potential as a lower-emission fuel, particularly in the maritime sector.

Taziz Acting CEO Khaleefa Yousef Al Mheiri said this agreement continues to build momentum at Taziz and advances its mission to diversify the UAE’s economy and accelerate industrial development.

"Our partnership with Proman underlines the UAE’s attractiveness as a destination for international partners and investors as we progress plans to produce methanol at world-scale in Al Ruways. New chemicals in the UAE will enable new local supply chains and support long-term industrial growth for Abu Dhabi’s private sector," he noted.

Taziz, he stated, continues to advance at pace with site preparation underway and a Joint Venture incorporation agreement for the