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Mumbai: Petchem major Reliance Industries Ltd (RIL) has formed a $2 billion partnership with Abu Dhabi Chemicals Derivatives Company RSC Ltd (Ta'ziz) for chemical production, the company said on Tuesday.
The new joint venture will construct and operate a chlor-alkali, ethylene dichloride (EDC) and polyvinyl chloride (PVC) production facility, with an investment of more than $2 billion.
"Representing the first production of these chemicals in the UAE, the project will enable the substitution of imports and the creation of new local value chains, while also meeting growing demand for these chemicals globally," RIL said in a statement.
The Ta’ziz Industrial Chemicals Zone is a joint venture between Abu Dhabi National Oil Company (ADNOC) and ADQ.
The project builds on ADNOC and Reliance’s long-standing strategic partnership and is Reliance’s first investment in the MENA region.
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