Abu Dhabi Nationwide Oil Firm (ADNOC) has signed an settlement with Proman, one of many world’s main producers of methanol, to develop the UAE’s first world-scale methanol manufacturing facility on the TA’ZIZ Industrial Chemical substances Zone in Ruwais, Abu Dhabi
Underneath the phrases of the settlement, Abu Dhabi Chemical substances Derivatives Firm RSC Ltd (TA’ZIZ) and Proman will assemble a pure fuel to methanol facility with an anticipated annual capability of as much as 1.8 million tons every year.
The ability will meet rising home and worldwide demand for this clear and versatile chemical commodity which is gaining momentum as a lower-emission gasoline alongside current makes use of spanning industrial merchandise. The mission is topic to related regulatory approvals.
HE Dr Sultan Ahmed Al Jaber, UAE minister of business and superior know-how and managing director and Group CEO of ADNOC, mentioned, “As Proman’s first funding within the UAE, our settlement underscores the continued enchantment of the UAE as a extremely engaging vacation spot for worldwide capital, supporting long-term industrial progress for Abu Dhabi’s non-public sector.”
David Cassidy, Proman chief govt, mentioned, “Rising world curiosity in methanol as a cleaner gasoline, notably for the transport sector, is about to drive a big improve in worldwide methanol demand over the approaching decade. As such, this can be a notably opportune time to put money into the UAE’s home downstream manufacturing capability. We’re excited to assist drive ahead the formidable TA’ZIZ industrial improvement and the UAE’s downstream progress technique, in addition to rising our partnership with TA’ZIZ sooner or later.”
The TA’ZIZ improvement has obtained vital curiosity from native and worldwide traders since its launch in November 2020. Partnership agreements have been signed with Fertiglobe, GS Power, and Mitsui for the proposed improvement of a low-carbon ammonia manufacturing facility and with Reliance Industries for a proposed ethylene dichloride (EDC), chlor-alkali (CA), polyvinyl chloride (PVC) manufacturing facility.