The Abu Dhabi National Oil Company (ADNOC) and ADQ have inked a deal that will see the creation of a new joint venture (JV) company.

Ta’Ziz will drive the development of industrial projects within the planned Ruwais Derivatives Park.

As per the terms of the deal, an industrial ecosystem will be created at a cost of over $2bn and will include a new port, utilities, infrastructure, feedstock supply and shared services.

According to a statement, the name Ta’Ziz means advancement, strengthening or creating a foundation in Arabic. The name is said to signify the ambition of ADNOC and ADQ as they kickstart the development of industrial growth in Ruwais. The move is said to align with ADNOC’s drive to stretch the value from every barrel refined, shipped and sold, also targeting self-sufficiency with domestic production.

“Ta’Ziz combines the strengths of ADNOC and ADQ to create a unique platform that will act as a key driver and catalyst for the UAE’s industrial development and economic diversification. Our new partnership will strengthen our position as a globally competitive chemicals hub and destination for foreign direct investment, leveraging technology to further grow the UAE’s advanced manufacturing base,” said Dr Sultan Ahmed Al Jaber, UAE Minister of Industry and Advanced Technology and ADNOC Group CEO.

Potential investment projects selected for the first phase will amount to more than $5bn at the Ruwais Derivatives Park, the statement said.