ADNOC and ADQ will hold equity stakes of 60% and 40% respectively
The Abu Dhabi National Oil Company (ADNOC) and ADQ recently signed a joint venture (JV) 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.
The agreement was signed by Dr. Sultan Ahmed Al Jaber, UAE Minister of Industry and Advanced Technology and ADNOC Group CEO, and Mohamed Hassan Alsuwaidi, CEO, ADQ.
Under the terms of the agreement, ADNOC and Abu Dhabi-headquartered ADQ, a public joint stock company established in 2018, 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 range, scale and caliber 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,” affirmed Dr. Sultan Al Jaber.
“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,” asserted Alsuwaidi.
