Adnoc-ADQ JV to develop $2bn infrastructure projects

Adnoc-ADQ JV to develop $2bn infrastructure projects

Abu Dhabi National Oil Company (Adnoc) and ADQ, one of the region's largest holding companies, have set up a new joint venture, Ta'Ziz, to drive the development of industrial projects within the planned Ruwais Derivatives Park.

 

The name Ta'Ziz, which in Arabic means advancement, strengthening, or creating a foundation, describes the ambition of Adnoc and ADQ as they kickstart the development of industrial growth in Ruwais.

 

In addition, it aligns with Adnoc's drive to stretch the value from every barrel refined, shipped and sold, also targeting self-sufficiency with domestic production. 

 

As part of the deal, an industrial ecosystem will be created by Adnoc and ADQ, including a new port, utilities, infrastructure, feedstock supply and shared services at a total cost of over $2 billion.

 

In July, Adnoc and ADQ announced their intention to establish