Reliance Industries (RIL) is partnering with ADNOC and ADQ in the TA'ZIZ Industrial Chemical Zone at Ruwais, Abu Dhabi.
RIL and Abu Dhabi Chemicals Derivatives Company RSC (TA'ZIZ) have signed the formal shareholder agreement for the TA'ZIZ Ethylene Dichloride (EDC) and Polyvinyl Chloride (PVC) project.RIL is 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, EDC and 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 TA'ZIZ EDC & PVC project is making solid progress towards the detailed design phase in advance of the Final Investment Decision (FID) which is expected to be taken later this year, RIL said in a statement on Tuesday.
The chemicals set to be produced by the TA'ZIZ EDC & PVC joint venture with RIL have a wide range of industrial applications, enabling local supply chains and meeting growing demand in key export markets, it said.
The production of Chlor-Alkali, EDC, and PVC will create opportunities for export to target markets in Southeast Asia and Africa, as well as providing local industry with a source of critical raw materials manufactured in the UAE for the first time, strengthening In-Country Value. Final Investment Decision for the chemical project is expected later this year and is subject to relevant regulatory approvals, the RIL statement added.
Further, Mukesh Ambani, chairman and managing director of RIL, 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.
Ambani also met with His Excellency 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 decarbonization across the hydrocarbon value chain.
ADNOC is a leading diversified energy and petrochemicals group wholly owned by the Emirate of Abu Dhabi.
ADQ is an Abu Dhabi-based investment and holding company with a broad portfolio of major enterprises.
RIL is India's largest private sector company. Its activities span hydrocarbon exploration and production, petroleum refining and marketing, petrochemicals, retail and digital services.
On consolidated basis, RIL reported 41.6% rise in net profit to Rs 18,549 crore on 57% increase in net sales to Rs 1,85,027 crore inQ3 FY22 over Q3 FY21.
Shares of RIL jumped 3% to Rs 2775.70 on the BSE today.
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(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)
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