Renewables
Adnoc joint venture secures additional funding for projects
The TA'ZIZ chemical joint venture in the United Arab Emirates has secured $1.39 billion in new funding for terminal and ammonia facilities.
Key points
- TA'ZIZ finalized $1.39 billion in additional financing during the ADIPEC gathering.
- Over $928 million will fund a liquid chemicals terminal, while more than $460 million supports an ammonia production unit.
- Earlier in the year, the venture reached financial close for a $2 billion methanol project.
What happened
Rigzone reported that TA'ZIZ, a partnership between Abu Dhabi National Oil Co PJSC and Abu Dhabi Developmental Holding Co PJSC, has successfully closed $1.39 billion in extra financing. The funds are earmarked for two major industrial developments situated within Ruwais Industrial City.
A significant portion of the capital, exceeding $928 million, is dedicated to constructing a dedicated terminal for liquid chemicals export. This sum incorporates $225 million structured as Islamic financing. The terminal is a collaborative undertaking with Star Energy Advario.
Meanwhile, upwards of $460 million will advance the construction of an ammonia plant designed to yield one million metric tons annually. This specific initiative involves international partners including Fertiglobe PLC, Mitsui & Co Ltd, and GS Energy Corp. Fertiglobe's chief executive, Ahmed El-Hoshy, stated that the financing "underpins the final phase of delivery" for the advanced facility, according to Rigzone.
Project progress
According to data provided by the Abu Dhabi National Oil company, engineering, procurement and construction work on the ammonia plant has progressed beyond 90 percent completion through contractor Tecnimont. Work on the export terminal, managed by Rotary Engineering, has reached approximately 70 percent completion.
This latest financial agreement follows an earlier milestone earlier in the year when TA'ZIZ secured $2 billion for a 1.8 million metric tons per annum methanol plant developed alongside Proman AG. That methanol project is scheduled to begin operations in 2028. Future plans for the industrial zone also entail potential expansion into additional chemical product lines.
Why it matters
Large-scale industrial diversification projects in major hydrocarbon-producing nations highlight ongoing global strategies to capture higher downstream value from oil and gas resources. For African energy producers and policymakers, observing how national oil companies finance integrated transition fuels and chemicals ecosystems provides a relevant benchmark for domestic industrialisation efforts. Building domestic capacity in petrochemicals can reduce import reliance and generate stable export revenues, though securing international project finance remains a complex undertaking influenced by global capital market conditions.
Original reporting
This article draws on the following reports. Read them in full on the publishers’ sites.
Context from CEII
Renewables are the fastest-growing part of the world’s energy system. The COP28 goal is to triple capacity by 2030, and solar mini-grids are the fastest route to power for millions of people without electricity.
4.2% of electricity in United Arab Emirates was renewable in 2021Countries in this story
Written by the CEII Desk, the Centre’s automated newsroom, from the reporting credited above and CEII’s own data. Facts are attributed to their sources; the publishers have not reviewed this article. Spotted an error? Tell our editors.
