RIL partnering with Abu Dhabi’s ADNOC & ADQ for $2bn project
ABU DHABI (UAE)/MUMBAI/April 26-2022: Abu Dhabi Chemicals Derivatives Company RSC Ltd (TA’ZIZ) and Reliance Industries Ltd (RIL), have signed the formal Shareholder Agreement for the TA’ZIZ EDC & PVC project. Reliance is India’s largest diversified conglomerate and a strategic partner with Abu Dhabi National Oil Company (ADNOC) and ADQ, an Abu Dhabi-based investment and holding company, in TA’ZIZ EDC & PVC, a world-scale chemicals development at the TA’ZIZ Industrial Chemicals Zone in Ruwais.
The TA’ZIZ EDC & PVC joint venture will construct and operate a Chlor-Alkali, Ethylene Dichloride (EDC) and Polyvinyl Chloride (PVC) production facility, with a total investment of over $2 billion (AED 7.34 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 formal shareholder agreement was signed by senior executives during a visit of Mukesh Ambani, Chairman and Managing Director of Reliance, to ADNOC headquarters. During the visit, Ambani met with Dr 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 decarbonisation across the hydrocarbon value chain.
Dr Al Jaber and Mukesh Ambani exchanged a signed framework agreement between ADNOC and Reliance to explore collaboration in the exploration, development and production of conventional and unconventional resources in Abu Dhabi as well as in decarbonisation of operations, including in carbon dioxide (CO2) sequestration.
Dr Al Jaber said Reliance is a valued strategic partner and the collaboration at TA’ZIZ underscores the important role of industrial and energy cooperation as a means of strengthening the deep-rooted and friendly ties between the UAE and India. “We are building on this partnership and the progress at TA’ZIZ to unlock more opportunities to drive the UAE’s industrial and manufacturing growth, while advancing cooperation on decarbonization, new energies and upstream production,” Dr Al Jaber said.
Mukesh Ambani, said this joint venture 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 strengths of the two nations.