TA’ZIZ has reached financial close on $1.39 billion (€1.24 billion) in financing for two projects in Ruwais, Abu Dhabi, UAE.
TA’ZIZ Terminal Company, a joint venture between ADNOC and Advario Star Energy that closed on $928 million (€829 million), is developing a primary logistics gateway for TA’ZIZ Industrial Chemicals Zone. It will provide around 500,000m3 of liquid chemical storage capacity, as well as export capabilities.
TA’ZIZ Ammonia Company closed on $460 million (€411 million). It is a joint venture between TA’ZIZ, Vertiglobe, Mitsui & Partners and GS Energy, who are developing an ammonia production facility with an annual capacity of 1 million tonnes.
Both projects support the UAE’s ambitions to expand its chemicals industry and strengthen its foothold in the global market.
In its press release about TA’ZIZ Terminal Company, TA’ZIZ states: ‘This milestone advances the delivery of essential infrastructure to support the UAE’s chemicals industry and TA’ZIZ’s ambition to build a 4.7 million tonnes per annum chemicals ecosystem in Ruwais.’ About TA’ZIZ Ammonia Company, it comments: ‘The project will support Abu Dhabi’s long-term industrial vision and the UAE’s economic diversification objectives.’
