ADQ, Veolia, Vision Invest acquire ADNOC Refining’s waste management operations

ADQ, the Abu Dhabi-based investment and holding company, Veolia Middle East (Veolia), and Vision International Investment Company (Vision Invest) have jointly acquired ADNOC Refining’s waste management operations in Al Ruways Industrial City, Abu Dhabi.

As part of the agreement signed with ADNOC Refining – at ADIPEC 2022 – the consortium comprising ADQ, Veolia and Vision Invest will own and operate two waste management plants, which sustainably treat and dispose of industrial waste generated from across ADNOC’s operations.

The transaction is subject to customary closing conditions and regulatory approvals.

Abdulla Ateya Al Messabi, CEO of ADNOC Refining, said, “We welcome the consortium as our latest strategic partners in Al Ruways. “The partnership supports the UAE’s industrial growth by providing leading world-scale waste management capabilities. Such win-win partnerships further accelerate the delivery of ADNOC’s mandate to grow the UAE’s economic base and deliver lasting value through our downstream businesses.”

The CEO of Veolia, Estelle Brachlianoff, and the president and CEO of Vision Invest, Omar Al-Midani, said, “Through this partnership, we will ensure continuity, reliability and safety of the transferred assets to a world leader specialised in waste treatment, with an operational philosophy centred around safety. The consortium truly believes a partnership with ADNOC will be mutually beneficial and generate significant value, supporting Abu Dhabi’s strategic vision of ensuring sustainable development while preserving the environment.”

The facilities treat industrial waste generated during ADNOC’s oil and gas extraction and refining processes and will continue to perform this role.

The consortium’s acquisition of the waste management plants adds to several other strategic partnerships built by ADNOC with a number of local and international partners in Al Ruways. These include TA’ZIZ, which has signed agreements with several international partners, including Reliance Industries, Fertiglobe, Mitsui and GS Energy.

Al Ruways is also home to Borouge, a leading petrochemical company, with ADNOC owning a majority 54 per cent stake and Borealis holding a 36 per cent stake, which listed 10 per cent of its total issued share capital on the Abu Dhabi Securities Exchange (ADX), marking Abu Dhabi’s largest International Public Offering (IPO) to date.

Read: Borouge’s $2bn Abu Dhabi IPO draws $83bn of orders

Also read: Abu Dhabi’s Borouge reports 13.5% rise in nine-month revenue