ADNOC Subsiduary Secures $2 Billion Methanol Financing and $10 Billion Deal with Alpha Dhabi
Abu Dhabi's Ta'ziz signs a $10 billion chemicals deal with Alpha Dhabi and closes $2bn in methanol plant financing, marking over $12 billion in new investment at Al Ruwais Industrial City.
Ta'ziz, the chemicals affiliate of Abu Dhabi National Oil Company (ADNOC), has signed a strategic collaboration agreement with Alpha Dhabi Holding for approximately $10 billion in new industrial chemicals investment at Al Ruwais Industrial City. The partnership, subject to a joint feasibility study and final investment decisions, targets production of up to 14 new chemicals, including styrene, acrylic acid, polyols, MDI, epoxy resins, and linear alpha-olefins, adding around 2.2 million tons per annum of capacity. The chemicals are anchored on domestic demand and designed to substitute key products currently imported into the UAE.
Mashal Saoud Al-Kindi, CEO of Ta’ziz, said: “This strategic collaboration with Alpha Dhabi offers significant potential to expand Ta’ziz’s mission to drive industrial growth, enable import substitution, and create new economic opportunities in the UAE. We look forward to working with our partners to swiftly progress the joint study and unlock the industrial and economic potential from the new chemical products.”
Separately, Ta'ziz announced that its methanol joint venture with Swiss-headquartered Proman has achieved financial close on $2 billion in financing for the UAE's first world-scale methanol plant, also at Al Ruwais. The transaction was significantly oversubscribed, signaling strong international investor confidence in Abu Dhabi's industrial growth platform. The plant, with 1.8 million tons per annum of capacity, is targeted for completion in 2028.
Together, the two announcements represent over $12 billion in committed or planned chemicals investment, building on Ta'ziz's existing phase one portfolio of ammonia, methanol, and PVC that is on track to reach 4.7 million tons per annum of output by end-2028.
