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Abu Dhabi Chemical Derivatives Company (Taziz) and Proman, one of the world’s leading methanol producers, have signed a shareholder agreement to develop the UAE’s first world-scale methanol production facility at the Taziz Industrial Chemicals Zone in Al Ruways Industrial City, Abu Dhabi. Compare.
With an expected annual production capacity of up to 1.8 million tonnes, the facility will meet growing domestic and international demand for this clean and versatile chemical commodity, a Taziz statement said.
Methanol has a variety of uses, including fuel, solvent, pharmaceuticals and construction material, and has growing potential as a low-emission fuel, especially in the maritime sector.
Taziz Acting CEO Khaleefa Yousef Al Mheiri said the agreement continues to build momentum in Taziz and advances its mission to diversify the UAE’s economy and accelerate industrial development.
“Our partnership with Proman underscores the attractiveness of the UAE as a destination for international partners and investors as we move forward with plans for world-scale methanol production at Al Ruways. New chemicals in the UAE will support new local supply chains and Supporting long-term industrial growth is essential for Abu Dhabi’s private sector,” he noted.
He said Taziz continued to advance site preparation and signed a joint venture merger agreement with Reliance Industries Limited to develop a world-scale ethylene dichloride (EDC), chlor-alkali, polyvinyl chloride (PVC) production facility and Shaheen Chem Holdings Investments (Shaheen Chem Holdings Investments) ).
Fertiglobe, Mitsui & Co., Ltd (Mitsui) and GS Energy Corporation (GS Energy) are also working with Taziz to develop a world-scale low-carbon ammonia facility.
The total investment in the first phase of Taziz will exceed US$5 billion, with most of the chemicals produced in the UAE for the first time. All agreements are subject to regulatory approval.
Launched by Adnoc and ADQ in late 2020, Taziz is driving and facilitating the expansion of Al Ruways Industrial City and Abu Dhabi’s wider chemical, manufacturing and industrial sectors.
Methanol production in the UAE is in line with the Ministry of Industry and Advanced Technology’s mission to diversify the UAE’s economy and accelerate industrial development.
The growth of this versatile chemical is expected to be driven by emerging economies in Africa and Asia, while in the UAE it will support a reduction in reliance on imports, enabling local manufacturers to ‘Made in UAE’ and establish in-country supply chains greater elasticity.
Richard Brink, Proman UAE Managing Director, applauded the deal, saying: “We welcome the Shareholders’ Agreement, which is an important next step towards Abu Dhabi’s first world-scale methanol plant. It is also Proman’s first in the UAE. With this investment, we are working hard to ensure that this proposed project will be one of the most technologically advanced and low-emissions natural gas-to-methanol facilities in the world.”
“With the growing global demand for methanol as a clean fuel, this agreement demonstrates the great potential of the Taziz Industrial Chemicals Zone and Abu Dhabi’s growing downstream industries,” he added.-TradeArabia News Service
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