Abu Dhabi National Oil Company (ADNOC) on Thursday (3 March) signed an agreement with methanol producer Proman to develop the United Arab Emirates’ (UAE) first world-scale methanol production facility at the TA’ZIZ Industrial Chemicals Zone in Ruwais, Abu Dhabi.
Under the terms of the agreement, Abu Dhabi Chemicals Derivatives Company RSC Ltd. (TA’ZIZ) and Proman will construct a natural gas to methanol facility with an anticipated annual capacity of up to 1.8 million tons per annum.
The facility will meet growing domestic and international demand for this clean and versatile chemical commodity which is gaining momentum as a lower-emission fuel alongside existing uses spanning industrial products. The project is subject to relevant regulatory approvals.
TA’ZIZ is a joint venture between Abu Dhabi National Oil Company (ADNOC) and ADQ, an Abu Dhabi-based investment and holding company. The proposed partnership will capitalise upon ADNOC’s attractive value proposition for downstream petrochemicals, ADQ’s diversified portfolio and Proman’s extensive construction and operational expertise as the world’s second largest methanol producer.
“We are pleased to welcome Proman as a strategic partner as we develop the UAE’s first domestic methanol production facility,” said His Excellency Dr. Sultan Ahmed Al Jaber, UAE Minister of Industry and Advanced Technology and Managing Director and Group CEO of ADNOC.
“This world-scale plant advances the TA’ZIZ mission to diversify the UAE’s economy and accelerate industrial development, by enabling local supply chains through the production of new chemicals in the UAE.
“As Proman’s first investment in the UAE, our agreement underscores the continued appeal of the UAE as a highly attractive destination for international capital, supporting long-term industrial growth for Abu Dhabi’s private sector.”
“We look forward to bringing our full value-chain expertise to this development and expanding Proman’s global footprint to the UAE, in close partnership with ADNOC and ADQ. This will be the first methanol production facility in the UAE and will be one of the most energy efficient and low-emitting plants in the world,” said David Cassidy, Proman Chief Executive.
“Growing global interest in methanol as a cleaner fuel, particularly for the shipping sector, is set to drive a significant increase in worldwide methanol demand over the coming decade.
“As such, this is a particularly opportune time to invest in the UAE’s domestic downstream production capacity. We are excited to help drive forward the ambitious TA’ZIZ industrial development and the UAE’s downstream growth strategy, as well as growing our partnership with TA’ZIZ in the future.”
Photo credit: ADNOC
Published: 8 March, 2022
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