Proman signs exclusive offtake agreement to market the 1.8m tonnes of methanol produced annually
The TA’ZIZ Methanol Company, a joint venture between TA’ZIZ and Proman, announced today that it has achieved financial close on $2 billion in financing for the UAE’s first world‑scale methanol plant in Al Ruwais Industrial City. The transaction was significantly oversubscribed, underscoring strong global confidence in TA’ZIZ’s strategy and the long-term fundamentals of Abu Dhabi’s industrial growth platform.
The financing package brings together 11 leading regional, European and Asian financial institutions, and includes a five-year $1.8 billion conventional syndicated loan and a $200 million Islamic facility. Both facilities were priced in line with international benchmarks, reflecting the project’s strong credit profile and discipline execution.
Sumitomo Mitsui Banking Corporation (SMBC) acted as the exclusive financial advisor, while Abu Dhabi Commercial Bank (ADCB) and First Abu Dhabi Bank (FAB) served as bookrunners and mandated lead arrangers, designing the loan structure, leading the fundraising, taking the largest commitments, and coordinating the syndicate.
Mashal Saoud Al-Kindi, CEO of TA’ZIZ, said: “This landmark financing marks a defining moment for TA’ZIZ and for Abu Dhabi’s next phase of industrial growth. The strong global demand for this transaction reflects our disciplined execution, the strength of our partnerships, and the long-term fundamentals of the Ruwais industrial ecosystem.”
Proman has also entered into a long-term offtake agreement with the TA’ZIZ Methanol Company, giving Valenz, Proman’s marketing arm, exclusive rights to market the methanol to domestic and international customers, once the plant is operational.
David Cassidy, Chief Executive of Proman, said: “This is a significant step forward for the project and a major advancement in our partnership with TA’ZIZ. The strong interest in this transaction underscores market confidence in methanol’s growth trajectory, both as a key chemical and as a cleaner burning fuel for transportation and power generation. It also positions Abu Dhabi as a future global hub for methanol production. Proman is proud to be party to this world class joint venture. We are also delighted that Valenz will market the methanol exclusively, further strengthening our offering to our global customers.”
The financing builds on a series of key milestones achieved across the methanol project, including Final Investment Decisions by ADNOC, TA’ZIZ and Proman, the award of the Engineering, Procurement and Construction (EPC) contract to Samsung E&A Co. Ltd., and the establishment of the TA’ZIZ Methanol Company.
The project is progressing, with completion targeted for Q3 of 2028. Once operational, the plant will produce 1.8 million tonnes of methanol per year.
