Abu Dhabi Chemicals Derivatives Company RSC Ltd. and Reliance Industries Ltd. sign formal shareholder agreement for TA’ZIZ EDC and PVC project
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.
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. The joint venture will be set up in the Taziz Industrial Chemicals Zone, Ruwais.
The TAZIZ EDC and PVC joint venture 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.
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.
Mukesh Ambani said: “I am very pleased 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 United Arab Emirates. The UAE will benefit from the Free Trade Agreement, 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.
Mukesh Ambani also met Mohamed Jameel Al Ramhi, CEO of Masdar, to explore potential opportunities for collaboration in renewable energy and green hydrogen. New energy is one of the priorities of both the UAE and India.