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ADNOC & ADQ to Catalyse the UAE’s Chemicals Sector

Gasoil News - Published on Tue, 04 Aug 2020

Image Source: ADNOC ADQ
The Abu Dhabi National Oil Company and ADQ signed a joint venture agreement to create a new investment platform to fund and oversee the development of industrial projects within the planned Ruwais Derivatives Park, a key enabler of ADNOC Downstream’s 2030 smart growth strategy and the UAE’s chemicals and industrial growth strategy. Under the terms of the agreement, ADNOC and ADQ will jointly evaluate and invest in anchor chemicals projects. ADNOC will hold a 60% majority equity stake in the JV with ADQ holding the remaining 40%. ADQ’s extensive portfolio, including local and international logistics and transport, power and water, industrial construction, and other essential infrastructure and enabling services, will complement ADNOC’s strong hydrocarbon feedstock position in Ruwais as well as its longstanding relationships with trusted international partners and investors. These combined strengths will enhance the overall value proposition of the planned Ruwais Derivatives Park and, in turn, support the long-term growth of the broader Ruwais industrial complex and increased investment in the Emirate of Abu Dhabi.

The JV partners will conduct a comprehensive feasability study to further develop identified projects in Ruwais and take forward those that show maximum potential for value creation. The JV plans to announce the results of this study before the end of 2020, including specific details on its selected target projects and the range of potential opportunities available for prospective investors and partners.

With the required approvals, the JV will be incorporated in Abu Dhabi Global Markets with both companies jointly determining the JV’s management team and board, in line with global corporate governance best practice.

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Posted By : Yogender Pancholi on Tue, 04 Aug 2020
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