International Finance

Adnoc and ADQ form joint venture to invest in chemical projects

Adnoc ADQ
Adnoc will hold a 60% equity stake in the venture, while ADQ will have the remaining 40%

Abu Dhabi National Oil Company (Adnoc) and state-owned holding company ADQ have entered into a joint venture to invest in chemical projects in the planned Ruwais Derivatives Park.

While Adnoc will hold a 60 percent stake in the joint venture, ADQ will own the remaining 40 percent.

The JV will evaluate and invest in anchor chemical projects in the Ruwais park in Abu Dhabi.

Reportedly, both parties will conduct a comprehensive feasibility study of projects for Ruwais.

The results of the comprehensive feasibility study are due before the end of 2020 and will include opportunities for prospective investors.

The joint venture will be incorporated in the Abu Dhabi Global Market free zone. Both parties are awaiting regulatory approvals and the company will be operated by management from both Adnoc and ADQ.

Earlier this year, Adnoc awarded two Engineering, Procurement, and Construction (EPC) contracts worth $1.65 billion for the Dalma Gas Development Project.

Adnoc has awarded the contracts to Petrofac and a joint venture between Petrofac and Sapura Energy.

The Dalma Gas Development Project located 190 kilometre northwest of Abu Dhabi is a key part of the Ghasha ultra-sour gas concession which is central to Adnoc’s strategic objective of enabling gas self-sufficiency for the UAE.

Adnoc also revealed that it will continue with its investment plans to deliver on its 2030 targets, despite the global slowdown caused by the coronavirus pandemic and the escalating price war.

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