Veolia and its consortium partners have started operating the two hazardous waste centers in the Al Ruwais industrial city, with a combined annual capacity of around 70,000 metric tons.
Abu Dhabi: The consortium of Veolia, ADQ, an Abu Dhabi-based investment and holding company, and Vision Invest, has satisfied all conditions and regulatory approvals and reached financial close for the acquisition of two hazardous industrial waste treatment plants in Al Ruwais Industrial City, UAE, from ADNOC Refining. The conditional agreement for this transaction was signed between the parties in November 2022. The two hazardous industrial waste treatment plants have now been handed over to the consortium from ADNOC Refining.
With an annual capacity of nearly 70,000 tonnes, Veolia and its partners, ADQ and Vision Invest, will treat the hazardous industrial waste of Abu Dhabi’s biggest industrial complex in Al Ruwais, which includes the largest oil refinery in the Middle East.
The acquisition of plants was financed through a combination of equity and long term non-recourse project finance debt with completion contingent interest rate hedges put in place last November. Natixis and Arab Petroleum Investments Corporation (APICORP) acted as the Lead MLAs and Structuring Banks. J.P. Morgan and Natixis acted as the Contingent Hedge and Hedge Providers.
As a pioneer and leading provider of hazardous waste management solutions in the Middle East, Veolia will lead the waste management operations in Al Ruwais, leveraging its comprehensive expertise covering the entire hazardous waste treatment chain. Veolia will have 50.1% participation in the operating company alongside Vision Invest (24.95%) and ADQ (24.95%).
The solutions developed by Veolia will specifically focus on maximizing the resource recovery (water and oil) from the oil and gas hazardous waste to reuse them in nearby industrial plants, setting up an innovative circular economy and local energy loops. The consortium will also significantly expand the existing solar farm to produce more locally sourced green energy.
About ADNOC Refining
ADNOC Refining is a joint venture between ADNOC (65%), Eni (20%), and OMV (15%). It operates the world’s fourth largest single-site refinery in Al Ruwais processing more than 922,000 barrels of crude and condensate each day.
https://www.adnoc.ae/en/adnoc-refining
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 mobility 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 or write to media@adq.ae. You can also follow ADQ on Twitter, Instagram and LinkedIn.
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, 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.
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
