DUBAI: Abu Dhabi National Oil Company (ADNOC) and holding company ADQ have signed a joint venture deal to invest in chemicals projects in the planned Ruwais Derivatives Park, a statement from ADNOC said on Wednesday.
ADNOC will hold a 60 percent equity stake in the venture, while Abu Dhabi’s ADQ, a state-owned holding company, will have the remaining 40 percent, the statement said.
ADNOC and ADQ’s investment platform will evaluate and invest in anchor chemicals projects in the Ruwais park in Abu Dhabi.
ADNOC CEO Sultan Al-Jaber said this was part of a strategy to develop the United Arab Emirates’ (UAE) derivatives sector and attract foreign investment.
The two companies will
conduct a comprehensive feasibility study of projects for Ruwais. The results of the study are due before the end of 2020 and will include opportunities for prospective investors.
The joint venture will be incorporated in the Abu Dhabi Global Market free zone, pending approvals, with both companies jointly determining the management team and board.
