The TA’ZIZ Methanol Company, a joint venture between TA’ZIZ and Proman, has achieved financial close on $2 billion (€1.7 billion) financing for the UAE’s first world scale methanol plant in Al Ruwais Industrial City. The transaction was significantly oversubscribed, according to TA’ZIZ, underscoring strong global confidence in TA’ZIZ’s strategy and the long-term fundamentals of Abu Dhabi’s industrial growth platform.
The financing package brings together 11 leading regional, European and Asian financial institutions, and includes a five-year $1.8 billion conventional syndicated loan and a $200 million Islamic facility. Both facilities were priced in line with international benchmarks, reflecting the project’s strong credit profile and disciplined execution. Sumitomo Mitsui Banking Corporation (SMBC) acted as the exclusive financial advisor, while Abu Dhabi Commercial Bank (ADCB) and First Abu Dhabi Bank (FAB) served as bookrunners and mandated lead arrangers, designing the loan structure, leading the fundraising, taking the largest commitments, and coordinating the syndicate.
Mashal Saoud Al-Kindi, CEO of TA’ZIZ, says: ‘This landmark financing marks a defining moment for TA’ZIZ and for Abu Dhabi’s next phase of industrial growth. The strong global demand for this transaction reflects our disciplined execution, the strength of our partnerships, and the long-term fundamentals of the Ruwais industrial ecosystem.’
David Cassidy, chief executive of Proman, comments: ‘This is a significant step forward for the project and a major advancement in our partnership with TA’ZIZ. The strong interest in this transaction underscores market confidence in methanol’s growth trajectory, both as a key chemical and as a cleaner burning fuel for transportation and power generation. It also positions Abu Dhabi as a future global hub for methanol production. Proman is proud to be party to this world class joint venture.’
The financing builds on a series of key milestones achieved across the methanol project, including Final Investment Decisions by ADNOC, TA’ZIZ and Proman, the award of the Engineering, Procurement and Construction (EPC) contract to Samsung E&A Co. Ltd., and the establishment of the TA’ZIZ Methanol Company. Construction of the TA’ZIZ methanol plant is progressing with completion targeted for 2028. Once operational, the plant will support the development of a domestic chemicals value chain, enabling local manufacturing, and reinforcing Abu Dhabi’s position as a globally competitive industrial hub.
