ADNOC, ADQ form JV to develop chemical projects at Ruwais

ADNOC and Abu Dhabi Holding Company (ADQ) have formed a joint-venture to create a new investment platform that will fund the development of ...

ADNOC and Abu Dhabi Holding Company (ADQ) have formed a joint-venture to create a new investment platform that will fund the development of chemical projects within the Ruwais Derivatives Park.

The two entities 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%.

The JV partners will conduct a comprehensive feasibility study to further develop identified projects in Ruwais, They plan 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.

“The range, scale and calibre of resources ADNOC and ADQ each bring to this new chemicals investment platform underscore Abu Dhabi’s position as a leading global destination for international investors and industrial partners,” said Dr Sultan Ahmed Al Jaber.