India’s leading conglomerate Reliance Industries Limited and Abu Dhabi Chemicals Derivatives Company RSC Limited (TA’ZIZ) on April 26 announced the signing of a 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 installed in the TA’ZIZ Industrial Chemicals Zone in Ruwais, which The city is located 240 km west. 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, Taziz EDC and PVC, the statement said.
“The TA’ZIZ EDC and PVC joint venture will build and operate a chlor alkali, ethylene dichloride (EDC) and polyvinyl chloride (PVC) production facility with a total investment of more than $2 billion,” it said.
These chemicals will be produced in the UAE for the first time, opening up new revenue streams and opportunities for local manufacturers.
The formal shareholder agreement was signed by senior officials during the visit of RIL Chairman and MD Mukesh Ambani to ADNOC Headquarters, where he met Dr Sultan Al Jaber, UAE Minister of Industry and Advanced Technology and MD and Group CEO of ADNOC .
The press release said they discussed “partnership and development opportunities in upstream, new energy and decarbonization across the hydrocarbon value chain”.
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