Home » News » Business » Reliance Industries to Set Up $2 billion Chemical JV with Abu Dhabi Chem
1-MIN READ

Reliance Industries to Set Up $2 billion Chemical JV with Abu Dhabi Chem

Reliance Industries

Reliance Industries

The joint venture between Reliance Industries Limited and Abu Dhabi Chemicals Derivatives Company RSC will have an investment of more than $2 billion, the release said.

Reliance Industries Limited (RIL) Tuesday said it will partner with Abu Dhabi Chemicals Derivatives Company RSC to launch TA’ZIZ EDC & PVC, a world-scale chemical production partnership at the TA’ZIZ Industrial Chemicals Zone in Ruwais. The joint venture will have an investment of more than $2 billion, the release said.

This is Reliance’s first investment in the Middle East and North Africa (MENA) region, and it will also be the first production of these chemicals in the UAE.

The new joint-venture will construct and operate a chlor-alkali, ethylene dichloride (EDC) and polyvinyl chloride (PVC) production facility.

The TA’ZIZ Industrial Chemicals Zone is a joint venture between Abu Dhabi National Oil Company (ADNOC) and ADQ, and the project builds on ADNOC and Reliance’s long-standing strategic partnership, the release said. The terms of the joint venture are subject to regulatory approvals.

Mukesh Ambani, chairman and managing director RIL said, “We are happy that we will be setting up the first projects in the vinyl chain in the UAE at TA’ZIZ Industrial Chemicals Zone, which is being developed into a global hub for chemicals.
India’s need for PVC to propel its growth, and the value from the abundantly available feedstock in UAE, provides a win-win partnership for both companies. Close cooperation in the region based on shared objectives is key as we optimise resources and work together to enrich the lives of our citizens.”

Sultan Ahmed Al Jaber, UAE Minister of Industry and Advanced Technology said, “We are delighted to partner with Reliance Industries in this new joint venture which will manufacture critical industrial raw materials for the first time in the UAE, supporting our national strategy to empower the industrial sector to become the driving force of a truly dynamic economy over the next 50 years.”

Network18 and TV18 – the companies that operate news18.com – are controlled by Independent Media Trust, of which Reliance Industries is the sole beneficiary.

Read all the Latest News, Breaking News and Coronavirus News here.

first published:December 07, 2021, 18:25 IST