UAE: Business Collaboration Adnoc and Ravago Sign MOU for Exploring Opportunities at Ruwais Industrial Complex
Through the collaboration, both the firms will explore ways to upgrade and commercialise its non-prime product generated at its joint venture company Borouge. It will also look at potential collaboration opportunities to boost Ravago’s business.
Abu Dhabi/UAE – The Abu Dhabi National Oil Company (Adnoc) has recently announced that it has signed a Memorandum of Understanding (MOU) with Ravago Group (Ravago), a leading service solutions provider in the global polymers and chemicals market, to explore opportunities for cooperation at the Ruwais Industrial Complex in the UAE.
As part of Adnoc’s efforts to maximise value across its value chain, Ravago and Adnoc will explore ways to upgrade and commercialise the non-prime product generated at Borouge, the joint venture between Adnoc and Austria-based Borealis. This process, known as compounding, would take place at the proposed facility, situated in the Ruwais Industrial Complex.
Ravago’s manufacturing segment, operates 24 plants across 4 continents, producing plastics, rubbers and chemicals, serving the automotive, electronics, and building and construction industries through the company’s global distribution network. Both companies will also explore potential collaboration opportunities leveraging Ravago’s strengths across multiple areas to further unlock value within the petrochemical chain.
The Ruwais Industrial Complex, where the new potential venture will be located, is already home to one of the largest downstream sites in the world. Adnoc aims to further develop and expand Ruwais into the world’s largest integrated refining and petrochemicals complex that will also include a large-scale, integrated manufacturing ecosystem, through the creation of new petrochemicals derivatives and conversion parks.
The agreement was signed at Adnoc’s Downstream Investment Forum, where the firm revealed plans to significantly enhance and expand its downstream operations in support of its ambition to become a leading global downstream player.