UAE: Adnoc, ADQ Reveal $5 Billion JV to Elevate Chemicals Sector

  • Date: 12-Nov-2020
  • Source: Al Bawaba
  • Sector:Oil & Gas
  • Country:UAE
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UAE: Adnoc, ADQ Reveal $5 Billion JV to Elevate Chemicals Sector

In a statement, both companies said Ta'ziz would drive the development of industrial projects within the park and act as a catalyst for the UAE's economic diversification and technology-led growth.

“Ta'ziz combines the strengths of Adnoc and ADQ to create a unique platform that will act as a key driver and catalyst for the UAE's industrial development and economic diversification,” said Dr. Sultan Ahmed Al Jaber, UAE Minister of Industry and Advanced Technology and Adnoc Group CEO.

“The new partnership will strengthen our position as a globally competitive chemicals hub and destination for foreign direct investment, leveraging technology to further grow the UAE's advanced manufacturing base," he said.

Mohamed Hassan Al Suwaidi, CEO of ADQ, said the creation of Ta'ziz embodies the strategy and aspirations of both joint venture partners, not only in