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Adnoc Refining secures new international partners

Consortium comprised of ADQ, Veolia and Vision Invest to purchase AdnocRefining’s waste management operations in Al Ruways

Published: Thu 3 Nov 2022, 6:14 PM

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Under the agreement, signed at the Abu Dhabi International Petroleum Exhibition and Conference (Adipec), ADQ, Veolia, and Vision Invest consortium will own and operate two world-scale waste management plants. — Supplied photo

Under the agreement, signed at the Abu Dhabi International Petroleum Exhibition and Conference (Adipec), ADQ, Veolia, and Vision Invest consortium will own and operate two world-scale waste management plants. — Supplied photo

Adnoc Refining, a joint venture company between the Abu Dhabi National Oil Company (Adnoc), Eni, and OMV on Thursday announced that it has entered into a strategic agreement with ADQ, Veolia Middle East, and Vision International Investment Company to acquire its waste management operations in Al Ruways Industrial City.

Under the agreement, signed at the Abu Dhabi International Petroleum Exhibition and Conference (Adipec), 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 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, chief executive officer of Veolia, Estelle Brachlianoff, and president & CEO of Vision Invest, 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 Adnocwith 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 per cent stake and Borealis holding a 36 per cent stake, which listed 10 per cent of its total issued share capital on the Abu Dhabi Securities Exchange (ADX), marking Abu Dhabi’s largest International Public Offering (IPO) to-date.

— muzaffarrizvi@khaleejtimes.com



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