Dubai: ADNOC Refining, a JV between ADNOC), Eni and OMV - has entered a strategic agreement with ADQ, the Abu Dhabi-based investment and holding company, Veolia Middle East (Veolia), and Vision International Investment Company to acquire its waste management operations in Al Ruways Industrial City.
The ADQ, Veolia, and Vision Invest consortium will own-and-operate two waste management plants, which will 'sustainably treat and dispose of industrial waste generated from across ADNOC’s operations'. The agreement thus attracts additional international investment and strategic partnerships to 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," said Abdulla Ateya Al Messabi, CEO of ADNOC Refining. "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.”
The two facilities treat industrial waste generated during ADNOC’s oil and gas extraction and refining processes. Team members working at both plants will join the Veolia-led operating company and 'benefit from the group's know-how in industrial waste management'.
Al Ruways is also home to Borouge, the petrochemical company in which ADNOC owns 54% and Borealis has 36%, and which listed 10% of its total issued share capital on ADX. It marked Abu Dhabi’s largest IPO to date.