A $2 billion deal has been signed between Mukesh Ambani’s company Reliance (Mukesh ambani RIL) and Abu Dhabi’s chemical company Tazeez. Abu Dhabi Chemicals Derivatives Company RSC Limited (TA’ZIZ) and Reliance Industries Limited (RIL) signed a formal shareholder agreement for the TA’ZIZ EDC and PVC project. This shareholder agreement is worth $2 billion.
what is this deal
TAZIZ EDC & PVC Combined Industry will build and operate a production facility for Chlor-Alkali, Ethylene Dichloride (EDC) and Polyvinyl Chloride (PVC). Such chemicals will be produced for the first time in the United Arab Emirates. This will open new avenues of revenue for the local manufacturers.
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The formal shareholder agreement was signed during a visit to the ADNOC headquarters by Reliance Chairman and Managing Director Mukesh Ambani. Ambani met HE Dr. Sultan Al Jaber, UAE Minister of Industry and Advanced Technology and ADNOC Managing Director and Group CEO, and discussed opportunities for partnership and growth in the hydrocarbon value chain, new energy and decarbonisation. ,
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mukesh ambani said
Mukesh Ambani said, “I am delighted to see the rapid progress of the joint venture between Reliance Industries and TA’ZIZ. This joint venture is a testimony to the strong ties between India and the UAE. Will benefit from the Free Trade Agreement between the Arab Emirates, which was signed in February this year. This will boost bilateral trade between the two countries.”
Dr. Al Jaber said, “Reliance is an important strategic partner and our collaboration at TA’ZIZ will further strengthen the deep and friendly ties between the UAE and India. It will play an important role in industrial and energy cooperation.