Ta’ziz, the joint venture between Abu Dhabi National Oil Company (Adnoc) and sovereign investor ADQ, has secured USD2B in financing for its inaugural methanol facility at Al Ruwais Industrial City in Abu Dhabi.
The funding was arranged through a consortium of 11 regional, European and Asian banks, according to a statement issued during the Make it in the Emirates forum on Thursday.
The financing package consists of a five-year syndicated conventional loan worth USD1.8B, alongside a USD200M Islamic financing facility. Pricing details were not disclosed, although the facilities were benchmarked against international standards.
Sumitomo Mitsui Banking Corporation acted as the sole financial adviser for the transaction, while Abu Dhabi Commercial Bank and First Abu Dhabi Bank took on roles as bookrunners and mandated lead arrangers.
The engineering, procurement and construction contract for the project was awarded to Samsung E&A in February 2025.
Development of the methanol plant, which is being carried out in partnership with Proman, is advancing steadily, with operations expected to commence by 2028.
During its first development phase, Ta’ziz aims to deliver 4.7 million tonnes per annum of chemicals by 2028. Output will include 1.8 mtpa of methanol, alongside low-carbon ammonia, polyvinyl chloride, ethylene dichloride, vinyl chloride monomer and caustic soda.
At the event, Ta’ziz also finalised several long-term agreements with domestic companies to support the expansion of the UAE’s chemicals sector.
The agreements covered offtake, feedstock supply and product sales across its chemicals portfolio, with contract durations ranging from five to 25 years. Collectively, the deals are valued at AED105B (USD29B), according to the joint venture.
