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Reliance Industries Ltd has signed formal shareholder agreement with Abu Dhabi Chemicals Derivatives Company RSC Ltd (TA’ZIZ) for Ruwais Chemicals Project.
The shareholder agreement for the $2 billion+ TA’ZIZ EDC & PVC joint venture was signed as the project progresses towards detailed design phase ahead of expected final investment decision later this year.
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.
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 Reliance chief Mukesh Ambani to ADNOC headquarters.
“I am happy to see the quick progress made by The TA’ZIZ EDC and PVC joint venture between Reliance Industries Limited and TA’ZIZ in a short time. 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. I am looking forward to implementation of the project at an accelerated pace, taking a step further in enhancing lives of our people in the region," Mukesh Ambani said.
Mukesh Ambani also met with Mohamed Jameel Al Ramahi, CEO of Masdar, to explore potential opportunities for collaboration in renewable energy and green hydrogen, both of which are key priorities for the UAE and India, Reliance said in a statement.