TA’ZIZ, Proman sign shareholders’ agreement to develop UAE’s first Methanol facility

TA’ZIZ, Proman sign shareholders’ agreement to develop UAE’s first Methanol facility

ABU DHABI, 19th January, 2023 (WAM) -- Abu Dhabi Chemicals Derivatives Company RSC Ltd (TA’ZIZ) and PROMAN AG (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 TA’ZIZ 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. 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.

Khaleefa Yousef Al Mheiri, TA’ZIZ Acting Chief Executive Officer, said, “This agreement continues to build momentum at TA’ZIZ and advances our 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.”

Methanol production in the UAE is in line with the Ministry of Industry and