Form of words:
The United Arab Emirates and Reliance Industries Limited agreed to build a $2 billion petrochemical plant, the first such investment by an Indian company in the Middle East.
Abu Dhabi National Oil Company and Reliance are looking to turn hydrocarbons into products that will help them meet consumer demand for plastics. The agreement is based on the 2019 Framework Agreement to Cooperate on Petrochemicals, and a further agreement To work together this year at Ruwais Refining Hub in Abu Dhabi.
According to a statement on Tuesday, the collaboration will lead to the establishment of a joint venture in Taziz, the chemical and industrial complex under development in Ruwais. It comes as the UAE, the No. 3 oil producer in the Organization of the Petroleum Exporting Countries, is investing billions in crude and natural gas production to create high-value petroleum products.
Adnoc, which pumps most of the Persian Gulf country’s oil and gas, aims to attract about $5 billion in the Taziz project.
Reliance, operator of the world’s largest refining complex, last month finished Saudi Aramco plans to sell stake in its oil-to-chemical unit. bloomberg
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