Abu Dhabi National Oil Company (ADNOC) has signed an agreement with 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 capitalize upon ADNOC’s attractive value proposition for downstream petrochemicals, ADQ’s diversified portfolio, and Proman’s extensive construction and operational expertise as the methanol producer.
As Proman’s first investment in the UAE, the 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.”
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 the partnership with TA’ZIZ in the future.”