Abu Dhabi National Oil Company's logistics and services unit Adnoc Logistics and Services has signed a $300 million deal with Ta’ziz to set up a chemicals port in Ruwais industrial hub to help the company export chemicals and their derivatives to global markets.
As part of the 50-year deal, Adnoc L&S will build, own and operate the port, which is projected to generate more than $1.3 billion in revenue for the company over the next 27 years, it said in a statement on Thursday to the Abu Dhabi Securities Exchange, where its shares trade.
The new port is scheduled for completion in the fourth quarter of 2026.
“This strategic agreement for first-of-its-kind dedicated chemicals port will provide Adnoc L&S long-term, predictable revenue, while supporting Ta’ziz’s growing chemicals ecosystem,” Capt Abdulkareem Al Masabi, chief executive of Adnoc L&S, said.
“The project demonstrates our ability to expand into high-growth sectors and deliver sustainable value for shareholders, while advancing the UAE’s industrial growth.”
Adnoc L&S delivers energy products and solutions to more than 100 customers in about 50 countries through its three business units, including integrated logistics, shipping and marine services. Its subsidiaries include Zakher Marine International Holdings, an Abu Dhabi-based owner and operator of offshore support vessels and Navig8, a global ship owner and commercial pools operator also offering bunkering and ship management solutions.
The company made its debut on the Abu Dhabi bourse in June 2023 after parent company Adnoc raised about Dh2.83 billion from the sale of a 19 per cent stake in the subsidiary.
For the first half of 2025, Adnoc L&S reported about 2 per cent growth in its net profit attributable to equity holders of the company to $409.3 million as revenue grew 40 per cent to $2.4 billion.
On Wednesday, Adnoc L&S announced its 2025-2030 dividend target of Dh8.1 billion ($2.2 billion) − a 52 per cent increase in annual dividends − by 2030.
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This forms part of Dh158 billion, the parent company plans to distribute in dividends across its six publicly listed companies by the end of this decade.
“With Ta’ziz strategically located close to fast-growth markets in Asia and Africa, this dedicated chemicals port will enable us to export our products efficiently and at scale, supporting the UAE’s ambition to establish a world-scale chemicals industry,” Mashal Al Kindi, chief executive of Ta’ziz, said.
Set up in 2020, Ta’ziz is a joint venture between Adnoc and Abu Dhabi sovereign wealth fund ADQ. It is developing the UAE’s first integrated chemicals ecosystem, which will be producing 4.7 million tonnes per annum of chemicals, including methanol, low-carbon ammonia, caustic soda, ethylene dichloride and other products by the end of 2028.
Earlier this year, it awarded a contract worth $1.7 billion to Samsung E&A for the construction of one of the world’s largest methanol plants in Al Ruwais Industrial City.
The 1.8 million tonnes per annum (mtpa) plant will be the first methanol production facility in the UAE and will advance the Emirates' economic diversification by unlocking new domestic chemical value chains, it said at the time.
