ADNOC Logistics & Services (ADNOC L&S) has signed a strategic agreement with the chemical company TA'ZIZ for the construction of the first specialized chemical port in the UAE. This is reported in a press release from ADNOC.
The 50-year agreement, worth more than $300 million, provides for the commissioning of the port in the TA'ZIZ industrial zone by the end of 2026. The new port will be equipped with three berths and a shore-to-ship power supply system, which will allow ships to connect to the local power grid to reduce emissions while moored.
During the first 27 years, the project's profits will exceed $1.3 billion, providing a long-term and predictable financial base for the project participants.
At the same time, the new port is crucial for TA'ZIZ in terms of efficiently exporting products to the fast-growing markets of Asia and Africa, taking into account the creation of the UAE's first integrated chemical ecosystem. By the end of 2028, TA'ZIZ can increase production to 4.7 million tons of chemicals per year.
The project is a key factor in ADNOC's strategy to strengthen the UAE chemical industry's value chain and diversify the economy beyond crude oil exports. The new complex will increase the UAE's GDP by billions of dollars and create thousands of jobs.
ADNOC L&S is an Emirati logistics company in the field of energy and maritime transportation. The company offers a wide range of services, including transportation of crude oil, LPG, LNG and other products, as well as comprehensive logistics services (offshore support and operation of offshore terminals). The headquarters is located in Abu Dhabi (UAE). ADNOC L&S is a subsidiary of ADNOC.
TA'ZIZ is an Emirati chemical company and producer of alternative fuels. The company offers a wide range of chemical products and services aimed at reducing carbon dioxide emissions and supporting production. The headquarters is located in Ruwais (UAE).
