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ABU DHABI – ADNOC Refining, a joint venture between Abu Dhabi National Oil Company (ADNOC), Eni and OMV, announced today that it has entered into a strategic agreement with Veolia, an Abu Dhabi-based investment and holding company in the Middle East (Veolia) and Vision International Investment Company (Vision Invest) to acquire its waste management business in Al Ruways Industrial City, Abu Dhabi.
Under the agreement signed at the Abu Dhabi International Petroleum Exhibition and Conference, a consortium of ADQ, Veolia and Vision Invest will own and operate two world-class waste management plants that will sustainably treat and dispose of waste generated during ADNOC operations industrial waste.
The agreement supports ADNOC as a catalyst for economic growth and industrial diversification in the UAE by attracting more international investment and strategic partnerships to Al Ruways. The partnership will also enhance ADNOC Refining’s competitiveness by allowing the company to focus on its core refining business.
Abdulla Ateya Al Messabi, CEO of ADNOC Refining, said: “We welcome the consortium as our latest strategic partner in Al Ruways. This agreement demonstrates ADNOC’s focus on building strategic partnerships to improve capital efficiency in Al Ruways and Abu Dhabi And unlock growth opportunities. A prime destination for international investors.
“The partnership also supports the UAE’s industrial growth by providing leading world-class waste management capabilities. This win-win partnership further accelerates ADNOC’s mission to develop the UAE’s economic foundation and deliver lasting value through our downstream businesses .”
Speaking jointly on behalf of the consortium, Veolia CEO Estelle Brachlianoff and Vision Invest President and CEO Omar Al-Midani said: “We are proud to partner with ADNOC Refining to operate these state-of-the-art facilities, leveraging the availability of highly trained specialists team, complemented by the alliance’s global experience in hazardous waste management.
“Through this partnership, we will ensure the continuity, reliability and safety of the transferred assets, with a safety-centric operating philosophy, to transfer assets to world-leading companies specializing in waste treatment. The consortium strongly believes in the partnership with ADNOC The collaboration will be mutually beneficial and generate tremendous value, supporting Abu Dhabi’s strategic vision to ensure sustainable development while protecting the environment.”
These facilities process and will continue to perform industrial waste generated during ADNOC’s oil and gas extraction and refining processes.
Team members working at both plants will join Veolia-led operating companies and benefit from the group’s expertise in industrial waste management.
The consortium’s acquisition of the waste management plant adds to several other strategic partnerships ADNOC has established with Al Ruways’ many local and international partners. These include TA’ZIZ, which has signed agreements with several international partners, including Reliance Industries, Fertiglobe, Mitsui and GS Energy.
Al Ruways is also home to leading petrochemical company Borouge, with ADNOC majority-owned 54% and Borealis 36%-owned, the latter listing 10% of its total issued share capital on the Abu Dhabi Stock Exchange (ADX), marking the The largest international public offering (IPO) in Abu Dhabi to date.
The transaction is subject to customary closing conditions and regulatory approvals.
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