NEW DELHI: Mukesh Ambani-led Reliance Industries Limited (RIL) on Tuesday said it has signed an agreement with Abu Dhabi Chemicals Derivatives Company RSC Ltd (TA’ZIZ) for the Ruwais chemicals project.
The joint venture, named ‘TA’ZIZ EDC & PVC, will construct and operate a Chlor-alkali, ethylene dichloride (EDC) and polyvinyl chloride (PVC) production facility, with an investment of over $2 billion.
The companies informed 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 pact was signed during a visit of Ambani to ADNOC headquarters. During the visit, the RIL Chairman met with Sultan Al Jaber, minister of industry and advanced technology and ADNOC managing director and Group CEO, and discussed opportunities for partnership and growth in upstream, new energies and decarbonization across the hydrocarbon value chains.
“This JV is a testimony to the strong and growing ties between India and the UAE and will be a benchmark for more such projects built on the strengths of the two nations. I am looking forward to the implementation of the project at an accelerated pace, taking a step further in enhancing the lives of our people in the region,” said Ambani.