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May 17, 2013 at 11:01 am #1665
W. R. Grace & Co. (NYSE: GRA) and Al Dahra Agriculture have executed a Joint Venture agreement to build the first fluid catalytic cracking (FCC) catalysts manufacturing facility in the Middle East. The companies marked their commitment and progress with a briefing and gala dinner today for over 100 industry and government leaders from around the region.
The state-of-the-art facility, which represents a capital investment of approximately $200 million, will serve refineries throughout the Middle East and potentially into South Asia. It will be built on just under 150,000 sq. meters of land in the Kizad Industrial Zone approximately 70km from the city of Abu Dhabi in the United Arab Emirates (UAE).
A logistics hub will be completed in the first quarter of 2014. Detailed engineering work for the full manufacturing facility is underway and construction is expected to begin in the fourth quarter of 2013. The facility will create approximately 200 new jobs and is scheduled to begin operations in the fourth quarter of 2015.
Officials from The Abu Dhabi Oil Refining Company (TAKREER) and Oman Oil Refineries and Petroleum Industries Company (Orpic), spoke at the event, which was presented under the patronage of UAE Energy Minister H.E. Suhail Mohammed Al Mazrouei.
According to Grace Chairman and Chief Executive Officer Fred Festa, regional demand for FCC catalysts is expected to grow substantially in the coming years. “This project, Grace’s most significant capital investment in several years, will help us extend our global leadership in catalysts,” he said. “We couldn’t be more pleased with our Joint Venture Partner, Al Dahra Agriculture, on whom we can count for invaluable support here in the region.”
For Al Dahra Agriculture, the project will diversify and strengthen its fast-growing business while advancing the vertical integration of the petrochemical industry in the Emirate of Abu Dhabi. “Since we announced, slightly over a year ago, our intention to pursue this partnership with Grace, our initial assessment of the opportunity has been affirmed many times,” said H. E. Khadim Al Darei, Al Dahra’s Vice Chairman.
Nearly 40 percent of transportation fuels worldwide are processed with Grace catalysts and Grace is the global leader for FCC catalysts and additives. Grace provides a broad, highly differentiated product portfolio and industry-leading technical service. Grace’s research leadership and flexible manufacturing system support its value-added technology tailored to meet customers’ current and future needs.
Al Dahra Agriculture’s strong partnership with the UAE government in realizing the strategic food security program and ensuring long-term growth and sustainability for the Emirate while in parallel growing commercial activities in global agribusiness, brings unparalleled value to the new venture. The company is well positioned to become a key international player in its sector and a leader in the food supply chain business. The company’s growth is a reflection of its exceptional service and delivery, the quality of agricultural produce and logistics services, and long-term customer satisfaction and loyalty.
ABU DHABI, UNITED ARAB EMIRATES–(BUSINESS WIRE)–
News | May 14, 2013
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