Abu Dhabi National Oil Company's logistics and services subsidiary and AD Ports Group have signed an agreement to develop a new port and associated facilities at the Ta'ziz chemical manufacturing hub within Ruwais.
The two companies plan to select an international operator to form a joint venture and develop the port.
The Ta'ziz hub is being prioritised for the manufacturing and development of chemicals and other specialty products. International and local investors have been invited to participate in the development of projects at the site, which will include a chemicals zone and a light industrial area housing companies using chemicals produced in the area.
"The new port will consolidate the UAE’s competitiveness as an international supply chain hub for energy and industry and further positions Ta’ziz as the preferred partner for investing in the growth of the UAE’s advanced manufacturing base," said Captain Abdulkareem Al Masabi, the chief executive of Adnoc Logistics & Services.
In November last year, Adnoc and ADQ, Abu Dhabi’s holding company, announced plans to collaborate on projects worth $5 billion at the Ruwais Derivatives Park.
Ta’ziz will invest in chemical projects worth $3bn, while $2bn is set to be spent on the development of a port and infrastructure at Ruwais.
The new port will have large-scale berths and associated infrastructure as well as loading and unloading facilities. The infrastructure will include 10 product tanks and a feedstock storage tank.
The Ta'ziz centre will have three industrial zones for seven chemical projects, and the ability to convert them into consumable products and also host service companies.
"By bringing together our respective expertise to build vital trade infrastructure, we are boosting industrial investment flows to the UAE and helping accelerate Abu Dhabi’s economic growth and industrialisation," said Captain Mohamed Al Shamsi, group chief executive at AD Ports Group.
The Ta'ziz hub is at the design phase for the seven chemicals projects. The manufacturing centre will look to develop blue ammonia, ethylene dichloride, Chlor-alkali and polyvinyl chloride.
Adnoc and Abu Dhabi National Energy Company, better known as Taqa, will develop utilities infrastructure for the site.