The consortium of Veolia, Abu Dhabi Developmental Holding Company (ADQ), and Vision Invest has acquired two hazardous industrial waste treatment plants in Al Ruwais Industrial City, UAE, from Adnoc Refining.

With an annual capacity of nearly 70,000 tonnes, Veolia and its partners will treat the hazardous industrial waste of Abu Dhabi’s biggest industrial complex in Al Ruwais, which includes the largest oil refinery in the Middle East.

Veolia will have 50.1 per cent participation in the operating company alongside Vision Invest (24.95 per cent) and ADQ (24.95 per cent).

As a pioneer and leading provider of hazardous waste management solutions in the Middle East, Veolia will lead the waste management operations in Al Ruwais, leveraging its comprehensive expertise covering the entire hazardous waste treatment chain.

The solutions developed by Veolia will specifically focus on maximising the resource recovery (water and oil) from the oil and gas hazardous waste to reuse them in nearby industrial plants, setting up an innovative circular economy and local energy loops.

The consortium will also significantly expand the existing solar farm to produce more locally sourced green energy.

The conditional agreement in this regard was signed in November 2022, and the plants have now been handed over to the consortium from Adnoc Refining.

The acquisition of plants was financed through a combination of equity and long-term non-recourse project finance debt with completion contingent interest rate hedges put in place last November.

Natixis and Arab Petroleum Investments Corporation (Apicorp) acted as the lead MLAs and Structuring Banks. JP Morgan and Natixis acted as the contingent hedge and hedge providers.