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Abu Dhabi chemical derivatives company RSC (Ta’ziz) and leading methanol producer Proman have signed a shareholder agreement to develop the UAE’s first world-scale methanol production facility at the Ta’ziz Industrial Chemicals Zone in Al Ruways Industrial City, Abu Dhabi Compare.
With an expected annual production capacity of up to 1.8 million tons, the facility will meet growing domestic and international demand for this clean and versatile chemical commodity. 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.
Khaleefa Yousef Al Mheiri, Acting Chief Executive Officer of Ta’ziz, said: “This agreement continues to build momentum at Ta’ziz and advances our mission to diversify the UAE’s economy and accelerate industrial development. Our partnership with Proman highlights the UAE as an international partner Attractive destination for partners and investors as we move forward with plans for world-scale methanol production at Al Ruways. New chemicals in the UAE will enable new local supply chains and support long-term industrial growth in Abu Dhabi’s private sector. “
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, Managing Director of Proman UAE, said: “We welcome the Shareholders’ Agreement, which is an important next step towards Abu Dhabi’s first world-scale methanol plant. As Proman’s first investment in the UAE, we are working hard to secure 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, the agreement showcases the growing downstream of the Ta’ziz Industrial Chemicals District and Abu Dhabi huge potential for the industry.”
Ta’ziz continues to advance site preparation and signs joint venture agreement with Reliance Industries Limited and Shaheen to develop world-scale ethylene dichloride (EDC), chlor-alkali, polyvinyl chloride (PVC) production facility Chem Holdings Investments, Fertiglobe, Mitsui and GS Energy Corporation are also working with Ta’ziz to develop a world-scale low-carbon ammonia facility.
The total investment in the first phase of Ta’ziz will exceed US$5 billion (AED18 billion), with most of the chemicals being produced in the UAE for the first time. All agreements are subject to regulatory approval.
Launched by Adnoc and ADQ in late 2020, Ta’ziz is driving and facilitating the expansion of Al Ruways Industrial City and Abu Dhabi’s wider chemicals, manufacturing and industrial sectors. – trade arab news agency
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