TA’ZIZ EDC & PVC JV will build and operate the EDC & PVC production facility at a total investment of over $2 billion.
TA’ZIZ EDC & PVC JV will build and operate the EDC & PVC production facility at a total investment of over $2 billion.
Abu Dhabi Chemicals Derivatives Company RSC Limited (TA’ZIZ) and Reliance Industries Limited (RIL) have signed a formal shareholder agreement for the TA’ZIZ EDC & PVC project, the two companies said in a joint statement.
Reliance Abu Dhabi National Oil Company (ADNOC) and ADQ, an Abu Dhabi-based investment and holding company, is a strategic partner in TAZIZ EDC & PVC, a world-class chemicals development project in the TAZIZ industrial chemicals sector. In Ruwais.
The TA’ZIZ EDC and PVC joint venture will build and operate a chlor-alkali, ethylene dichloride (EDC) and polyvinyl chloride (PVC) production facility at a total investment of over $2 billion (AED7.34 billion).
These chemicals will be produced in the UAE for the first time, unlocking new revenue streams and opportunities for local manufacturers to “make it in the Emirates”, the companies said in the statement.
The formal shareholder agreement was signed by senior executives during Reliance CMD Mukesh Ambani’s visit to the ADNOC headquarters.
“Reliance is an important strategic partner and our collaboration at TA’ZIZ underscores the important role of industrial and energy cooperation as a means to strengthen the deep and friendly ties between the UAE and India,” Sultan Al Jaber, Minister of Industry and Advanced Technology and Managing Director and Group CEO of ADNOC said,
He added, “We are building on this partnership and progress at TA’ZIZ to unlock more opportunities to drive the UAE’s industrial and manufacturing development by advancing cooperation on decarbonisation, new energy and upstream production. “
He added that the TA’ZIZ EDC & PVC project is making solid progress towards the detailed design phase before the Final Investment Decision (FID), which is expected later this year.
“This joint venture is a testament to the strong and growing relationship between India and the UAE and will be a benchmark for more such projects built on the strengths of both the countries,” said Mr. Ambani,