UAE-based Abu Dhabi National Oil Company (ADNOC) has formed a joint venture (JV) with ADQ for projects within the planned Ruwais Derivatives Park.
The JV will create a new investment platform that will fund and oversee the development of industrial projects in the planned Ruwais facility, which is a key enabler of ADNOC Downstream’s 2030 smart growth strategy.
ADNOC said that both the companies will evaluate and invest in anchor chemicals projects in Abu Dhabi.
The company will own 60% majority equity stake in the JV, while ADQ will hold the remaining 40% stake.
The combined strengths are expected to enhance the overall value proposition of the planned Ruwais Derivatives Park and will also support the long-term growth of the broader Ruwais industrial complex.
The JV will conduct feasibility study to develop identified projects in Ruwais
ADQ CEO H.E. Mohamed Hassan Alsuwaidi said: “By partnering with ADNOC to faciliate the development of the investment platform in Ruwais Derivatives Park, we will play a key role, together with the public and private sectors, in providing essential infrastructure development services.
“At ADQ, we are driving value creation and helping to build a prosperous economy for the benefit of Abu Dhabi through our diverse portfolio of the emirate’s leading entities such as Abu Dhabi Ports, Abu Dhabi National Energy Company (TAQA), Etihad Rail, Emirates Steel, DUCAB and Arkan.”
The two companies will conduct a comprehensive feasibility study to develop identified projects in Ruwais.
Additionally, ADNOC said that the results of the study are expected to be released before the end of the year and will include specific details of the selected target projects.
The JV will be incorporated in Abu Dhabi Global Markets, after receiving required approvals.
In June this year, ADNOC signed an agreement with a group of six global investors to sell a stake of 49% in ADNOC Gas Pipeline Assets (ADNOC Gas Pipelines) for $10.1bn.
