TAZIZ Partners With Proman To Develop Methanol Facility
Abu Dhabi Chemicals Derivatives Company (TAZIZ) and methanol producer Proman have signed an agreement to develop UAE’s first world-scale methanol production facility.
The facility, according to the UAE-based company, will be located at the TAZIZ Industrial Chemicals Zone in Al Ruways Industrial City, Abu Dhabi.
The facility has an anticipated annual capacity of up to 1.8 million tons and will meet growing domestic and international demand for this clean and versatile chemical commodity. Methanol has a variety of uses including in fuels, solvents, pharmaceuticals, and construction materials and has growing potential as a lower-emission fuel, particularly in the maritime sector.
“This agreement continues to build momentum at TA’ZIZ and advances our mission to diversify the UAE’s economy and accelerate industrial development. Our partnership with Proman underlines the UAE’s attractiveness as a destination for international partners and investors as we progress plans to produce methanol at world-scale in Al Ruways. New chemicals in the UAE will enable new local supply chains and support long-term industrial growth for Abu Dhabi’s private sector,” Khaleefa Yousef Al Mheiri, TAZIZ Acting CEO, said.
Methanol production in the UAE is in line with the Ministry of Industry and Advanced Technology’s mission to diversify the UAE’s economy and accelerate industrial development. Growth of this versatile chemical is expected to be driven by emerging economies in Africa and Asia, while in the UAE it will support decreased reliance on imports and establish greater resiliency among domestic supply chains.
“We welcome the shareholders’ agreement, which is a vital next step towards Abu Dhabi’s first world-scale methanol plant. As well as being Proman’s first investment in the UAE, we are working to ensure that this proposed project will be one of the most technologically advanced and low-emission natural gas-to-methanol facilities in the world. With growing global demand for methanol as a cleaner fuel, this agreement demonstrates the huge potential for the TAZIZ Industrial Chemicals Zone and Abu Dhabi’s evolving downstream industry,” Richard Brink, Managing Director Proman in the UAE, added.
TAZIZ continues to advance at pace with site preparation underway and a Joint Venture incorporation agreement for the development of a world-scale ethylene dichloride, chlor-alkali, polyvinyl chloride production facility signed with Reliance Industries Limited and Shaheen Chem. Fertiglobe, Mitsui, and GS Energy are also partnering with TAZIZ to develop a world-scale low-carbon ammonia facility.
The total investment in the first phase of TAZIZ will be over $5 billion, with most of the chemicals produced in the UAE for the first time. All agreements are subject to regulatory approvals.
To contact the author, email firstname.lastname@example.org
WHAT DO YOU THINK?
Generated by readers, the comments included herein do not reflect the views and opinions of Rigzone. All comments are subject to editorial review. Off-topic, inappropriate or insulting comments will be removed.