ADNOC and ADQ in new Joint Venture
The Abu Dhabi National Oil Company (ADNOC) and ADQ, one of the region’s largest holding companies with a broad portfolio of major enterprises spanning key sectors of Abu Dhabi’s diversified economy, announced TA’ZIZ as the name of the new joint venture (JV) established by both companies, which will drive the development of industrial projects within the planned Ruwais Derivatives Park and act as a catalyst for the UAE’s economic diversification and technology-led growth.
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. In July 2020, ADNOC and ADQ announced their intention to establish the JV with incorporation in Abu Dhabi Global Market.
With ADNOC and ADQ working together to drive the next phase of technology-driven industrial growth in Abu Dhabi, both companies have also announced leadership appointments to the joint venture. Potential investment projects selected for a first phase will amount to more than USD 5 billion (AED 18 billion) at the Ruwais Derivatives Park.
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Submitted by: Press release