03-11-2022

ADNOC Refining secures new international partners

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

Under the agreement, signed at the Abu Dhabi International Petroleum Exhibition and Conference, 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, the Chief Executive Officer of Veolia, Estelle Brachlianoff, and the President & CEO of Vision Invest Mr. 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 ADNOC with 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% stake and Borealis holding a 36% stake, which listed 10% of its total issued share capital on the Abu Dhabi Securities Exchange (ADX), marking Abu Dhabi’s largest International Public Offering (IPO) to-date.

The transaction is subject to customary closing conditions and regulatory approvals.