A consortium formed by Veolia, Vision Invest and ADQ, under an innovative, one of a kind, non-recourse project finance scheme, has signed an agreement to acquire two hazardous industrial waste treatment plants of the Al Ruways complex from ADNOC Refining. With an annual capacity of nearly 70,000 tonnes, these plants currently treat most of ADNOC’s industrial hazardous waste.
Through this agreement, Veolia, and its partners ADQ and Vision Invest will treat the hazardous industrial waste of Abu Dhabi’s biggest industrial complex in Al Ruways that includes the largest oil refinery in the Middle East. The contract will start in 2023, subject to customary completion requirements, and will more than double Veolia Hazardous waste activity within the Middle East.
Pioneer and leading provider of hazardous waste management solutions in the Middle East, Veolia will lead the plants operations in Al Ruways, leveraging on its comprehensive expertise covering the entire hazardous waste treatment chain. The group will have 50,1% participation in the operating company alongside Vision Invest (24.95%) and ADQ (24.95%).
The solutions developed by Veolia will help to further mitigate the environmental impact of industrial activities and promote a circular economy approach. Veolia will specifically focus on maximizing the resource recovery (water and oil) from the oil and gas hazardous waste, to reuse them on nearby industrial plants, setting up innovative circular economy and local energy loops. The consortium will also significantly expand the existing solar farm to produce more locally sourced green energy.
“With over 40 years’ experience, Veolia is a historic partner of the industries in developing robust and circular solutions for treating the most complex types of waste,” comments Estelle Brachlianoff, Chief Executive Officer of Veolia. “This new development builds on our expertise as the world leader in hazardous waste treatment and we are immensely proud to continue to accompany ADNOC for the decades to come in its sustainable growth. It also underlines Veolia’s position as a strategic ecological transformation partner of the United Arab Emirates where the Group is also active in water, waste and energy segments, and reinforces our leading role in the hazardous waste treatment in the Middle East.”
