Germany's Linde has set up a joint venture with UAE’s Abu Dhabi National Oil Co. (ADNOC) for the production and long-term supply of industrial gases to customers there, it said on Wednesday.
Gases and engineering group Linde said in a statement it held 49 per cent of the venture, named Elixier, and that state-run ADNOC owned the remaining 51 per cent.
"This joint venture is of major strategic importance to us and is the logical expansion of the previous collaboration of our engineering division with ADNOC in the petrochemical industry," Linde executive board member Aldo Belloni said.
ADNOC has access to about 90 per cent of Abu Dhabi's oil and gas reserves, considered the fourth-largest in the world, Belloni said.
In the first phase of the joint venture, the companies will build a $65m air-separation plant in the industrial zone of Ruwais, Abu Dhabi.
The new plant will supply nitrogen from the end of 2009 to industrial customers in Ruwais and will also produce liquefied nitrogen and oxygen. (Reuters)
ADNOC in a new joint venture with Germany's Linde