ANDREA PEREZ-SOBERS
Senior Reporter
Proman says its global footprint is set to grow even larger after the company and its Abu Dhabi-based partner secured US$2 billion in financing for what will become the United Arab Emirates’ first world-scale methanol plant.
In a release sent this morning, Proman said the financing for the TA’ZIZ Methanol Company project in Al Ruwais Industrial City was heavily oversubscribed, signalling strong investor confidence in the petrochemical venture and in the future demand for methanol as both an industrial chemical and cleaner-burning fuel.
The project is a joint venture between TA’ZIZ and Proman, the Trinidad-linked methanol giant headquartered in Switzerland with major operations based at the Point Lisas Industrial Estate in Couva. Proman is one of Trinidad and Tobago’s largest methanol producers, operating several local plants with an annual production capacity of about 4 million tonnes.
The financing package includes a five-year US$1.8 billion conventional syndicated loan and a US$200 million Islamic financing facility. Eleven regional, European and Asian financial institutions participated in the deal.
Sumitomo Mitsui Banking Corporation acted as exclusive financial advisor, while Abu Dhabi Commercial Bank and First Abu Dhabi Bank served as bookrunners and mandated lead arrangers.
TA’ZIZ CEO Mashal Saoud Al-Kindi described the financing as a major milestone for Abu Dhabi’s industrial expansion plans.
“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 Chief Executive David Cassidy said the financing reflected growing confidence in methanol’s future role in global energy and manufacturing markets.
“This is a significant step forward for the project and a major advancement in our partnership with TA’ZIZ. The strong investor 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.”
Cassidy said Proman’s marketing arm, Valenz, has secured exclusive rights to market the methanol produced at the facility once operations begin.
“Proman is proud to be a 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.”
Proman Trinidad Executive Director Anand Ragbir said the project further deepens links between Trinidad and Tobago and the UAE, while also highlighting the role local expertise continues to play in the company’s global operations.
“This is very exciting news for the whole Proman family, underlining confidence in the growth trajectory of methanol globally. There are already strong ties between the UAE and Trinidad and Tobago, and members of our local team continue to provide skills and expertise to this project.”
Ragbir said once the UAE plant comes on stream, Proman’s global methanol production capacity will climb to nine million tonnes annually.
“Once the plant in the UAE is operational, it will expand Proman’s global production capacity to 9m tonnes, 4m of which are here in Trinidad.”
The project is targeted for completion in the third quarter of 2028 and is expected to produce 1.8 million tonnes of methanol annually once operational.
