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ADNOC Refining agreement signing with ADQ, Veolia Middle East and Vision International Investment Company . Image Courtesy: ADNOC
- 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
- Deal enhances competitiveness of ADNOC Refining’s operations and enables the UAE’s growing industrial base through world-class waste management services
- Consortium comprised of ADQ, Veolia and Vision Invest to purchase ADNOC Refining’s waste management operations in Al Ruways
Abu Dhabi, UAE – ADNOC Refining, a joint venture company between the Abu Dhabi National Oil Company (ADNOC), Eni, and OMV announced today that it has entered into a strategic agreement with 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 partnership will also enhance the competitiveness of ADNOC Refining by allowing the company to focus on its core refining operations.
Abdulla Ateya Al Messabi, CEO of ADNOC Refining, said: “We welcome the consortium as our latest strategic partners in Al Ruways. This agreement demonstrates ADNOC’s focus on ADNOC Classification: Public
forging strategic partnerships to promote capital efficiency and unlock growth opportunities in Al Ruways and Abu Dhabi as a leading destination for international investors. The partnership also supports the UAE’s industrial growth through the provision of leading world-scale waste management capabilities. Such win-win partnerships further accelerate the delivery of ADNOC’s mandate to grow the UAE’s economic base and deliver lasting value through our downstream businesses.”
Speaking jointly on behalf of the consortium, the Chief Executive Officer of Veolia, Estelle Brachlianoff, and the President & CEO of Vision Invest Mr. Omar Al-Midani said: “We are honored to partner with ADNOC Refining to operate these first-class facilities, utilizing the existing trained and expert team, supplemented by the consortium’s worldwide experience in hazardous waste management.
“Through this partnership we will ensure continuity, reliability and safety of the transferred assets to a world-leader specialized in waste treatment, with an operational philosophy centered around safety. The consortium truly believes a partnership with ADNOC will be mutually beneficial and generate significant value, supporting Abu Dhabi’s strategic vision of ensuring sustainable development while preserving the environment.”
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 also home to Borouge, a leading 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.
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About ADNOC
ADNOC is a leading diversified energy and petrochemicals group wholly owned by the Emirate of Abu Dhabi. ADNOC’s objective is to maximize the value of the Emirate’s vast hydrocarbon reserves through responsible and sustainable exploration and production to support the United Arab Emirates’ economic growth and diversification. To find out more, visit: www.adnoc.ae About ADQ
About ADQ
Established in 2018, ADQ is an Abu Dhabi-based investment and holding company with a broad portfolio of major enterprises. Its investments span key sectors of the UAE’s diversified economy, including energy and utilities, food and agriculture, healthcare and life sciences, and transport and logistics, amongst others. As a strategic partner of Abu Dhabi’s government, ADQ is committed to accelerating the transformation of the Emirate into a globally competitive and knowledge-based economy.
For more information, visit ADQ.ae
About Veolia
Veolia group aims to be the benchmark company for ecological transformation. With nearly 220,000 employees worldwide, the Group designs and provides game-changing solutions that are both useful and practical for water, waste, and energy management. Through its three complementary business activities, Veolia helps to develop access to resources, preserve available resources, and replenish them. In 2021, the Veolia group provided 79 million inhabitants with drinking water and 61 million with sanitation, produced nearly 48 million megawatt-hours, and recovered 48 million tonnes of waste. Veolia Environnement (Paris Euronext: VIE) achieved consolidated revenue of 28.508 billion euros in 2021.
www.veolia.com
About Vision Invest
Vision Invest is a leading Saudi Arabian development and investment holding company at the forefront of Public Private Partnerships in the Kingdom of Saudi Arabia, the GCC and beyond.
Since 2002, Vision Invest has nurtured synergetic partnerships with leading local, regional, ADNOC Classification: Public
and global partners coupled with a refined boutique investment model to develop a world-class portfolio of investments across Power & Water Desalination, Industrial Gases, Midstream Oil & Gas, Logistics, District Colling, Water Reuse and Social Infrastructure.
www.visioninvest.com