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Ta’ziz is funding two more pieces of its Ruwais chemicals zone: Adnoc-ADQ joint venture Ta’ziz closed USD 1.39 bn in financing for a chemicals export terminal and an ammonia plant in Ruwais, according to an Abu Dhabi Media Office statement. Both financings were oversubscribed. Together with the USD 2 bn it raised for its methanol plant in April, Ta’ziz has now secured more than USD 3.39 bn for three projects in a zone set to produce 4.7 mn tons of chemicals a year by 2028.
The export terminal takes about two-thirds of the money: Ta’ziz Terminals, a joint venture between Adnoc and Advario Star Energy, secured more than USD 928 mn from nine regional and international banks, including USD 225 mn in Islamic financing. The long-term loan is non-recourse, meaning lenders are repaid from the project rather than by its shareholders. The terminal will store liquid chemicals from the zone and ship them to regional and global markets. Rotary Engineering has completed about 70% of the engineering, procurement, and construction (EPC) work.
IN CONTEXT- The terminal’s storage facilities and pipelines are part of a USD 2 bn package of infrastructure contracts Ta’ziz awarded in 2024. That package also included NMDC Group’s USD 300 mn contract to build the zone’s chemicals port, which was slated for completion in 4Q 2026. Adnoc Logistics & Services signed a 50-year agreement last year to own and operate the port. Its two liquid berths will handle cargoes including ammonia, methanol, and caustic soda.
The ammonia plant is closer to the finish line: Ta’ziz, Fertiglobe, Japan’s Mitsui, and South Korea’s GS Energy raised more than USD 460 mn through a six-year loan from seven banks. Contractor Tecnimont has completed more than 90% of the EPC work on the plant, which is designed to produce 1 mn tons of ammonia a year.
REMEMBER- Ta’ziz already has buyers lined up for much of what Ruwais will produce. In May, the company signed USD 28.5 bn worth of transactions spanning five to 25 years to secure raw materials and sell chemicals from the zone. Adnoc and Proman will buy methanol, while Emirates Global Aluminium is among the buyers for caustic soda.
