Abu Dhabi, UAE – Abu Dhabi Chemicals Derivatives Company (TA’ZIZ) and PROMAN AG (Proman), one of the world’s leading producers of methanol, have signed a shareholders’ agreement to develop the UAE’s first world-scale methanol production facility at the TA’ZIZ Industrial Chemicals Zone in Al Ruwais Industrial City, Abu Dhabi.
The facility has an anticipated annual capacity of up to 1.8 million tons. Methanol has a variety of uses including in fuels, solvents, pharmaceuticals and construction materials and has growing potential as a lower-emission fuel, particularly in the maritime sector.
The total investment in the first phase of TA’ZIZ will be in excess of $5 billion (AED18 billion), with most of the chemicals produced in the UAE for the first time. All agreements are subject to regulatory approvals.
Launched at the end of 2020, by ADNOC and ADQ, TA’ZIZ is driving and enabling expansion of Al Ruwais Industrial City, as well as Abu Dhabi’s wider chemicals, manufacturing and industrial sectors.
Khaleefa Yousef Al Mheiri, TA’ZIZ Acting Chief Executive Officer, said, “Our partnership with Proman underlines the UAE’s attractiveness as a destination for international partners and investors as we progress plans to produce methanol at world-scale in Al Ruwais. New chemicals in the UAE will enable new local supply chains and support long-term industrial growth for Abu Dhabi’s private sector.”