Investor Group to Acquire Waste Management Facilities in Al Ruways
Posted on 11/05/2022
ADNOC Refining is a joint venture company between the Abu Dhabi National Oil Company (ADNOC), Eni, and OMV. ADNOC Refining entered into a strategic agreement with Abu Dhabi Developmental Holding Company PJSC (ADQ), an Abu Dhabi-based investment and holding company, Veolia Middle East (Veolia), and Vision International Investment Company (Vision Invest) to acquire its waste management operations in Al Ruways Industrial City, Abu Dhabi.
Under the agreement, signed at the Abu Dhabi International Petroleum Exhibition and Conference, ADQ, Veolia, and Vision Invest consortium will own and operate two world-scale waste management plants, which sustainably treat and dispose of industrial waste generated from across ADNOC’s operations.
The agreement supports ADNOC’s role as a catalyst for the UAE’s economic growth and industrial diversification by attracting additional international investment and strategic partnerships to Al Ruways.
The facilities treat industrial waste generated during ADNOC’s oil and gas extraction and refining processes and will continue to perform this role. The team members working across both plants will join the Veolia-led operating company and benefit from the group’s know-how in industrial waste management. The consortium’s acquisition of the waste management plants adds to several other strategic partnerships built by ADNOC with a number of local and international partners in Al Ruways. These include TA’ZIZ, which has signed agreements with a number of international partners including Reliance Industries, Fertiglobe, Mitsui and GS Energy. Al Ruways is home to Borouge, a petrochemical company with ADNOC owning a majority 54% stake and Borealis holding a 36% stake, which listed 10% of its total issued share capital on the Abu Dhabi Securities Exchange (ADX), marking Abu Dhabi’s largest International Public Offering (IPO) to-date. The transaction is subject to customary closing conditions and regulatory approvals.
Keywords: Abu Dhabi National Oil Company (ADNOC).