India’s leading conglomerate Reliance Industries Ltd and Abu Dhabi Chemicals Derivatives Company RSC Ltd (TA’ZIZ) on April 26 announced the signing of shareholder agreement for the Ruwais Chemicals project,
Formally known as the TA’ZIZ EDC & PVC project, the chemical production facility will involve a “total investment of over $2 billion”, and will be set up at the TA’ZIZ Industrial Chemicals Zone in Ruwais, the town located 240 km west of Abu Dhabi, the capital of the United Arab Emirates (UAE).
Reliance is a “strategic partner with Abu Dhabi National Oil Company (ADNOC) and ADQ, an Abu Dhabi-based investment and holding company, in TA’ZIZ EDC & PVC”, the statement noted.
“The TA’ZIZ EDC & PVC joint venture will construct and operate a Chlor Alkali, Ethylene Dichloride (EDC) and Polyvinyl Chloride (PVC) production facility, with a total investment of over $2 billion,” it said.
These chemicals will be produced in the UAE for the first time, unlocking new revenue streams and opportunities for local manufacturers.
The formal shareholder agreement was signed by senior executives during a visit of RIL Chairman and MD Mukesh Ambani to ADNOC headquarters, where he met Dr Sultan Al Jaber, UAE’s Minister of Industry and Advanced Technology and ADNOC MD and Group CEO
They “discussed opportunities for partnership and growth in Upstream, new energies and decarbonization across the hydrocarbon value chain”, the press release noted.
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