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The formal shareholder agreement was signed by Reliance Chairman and Managing Director Mukesh Ambani during his visit to the ADNOC headquarters
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Abu Dhabi Chemicals Derivatives Company RSC Limited (TA'ZIZ) and Reliance Industries Limited (RIL) signed a formal shareholder agreement for the TA'ZIZ EDC and PVC project. This shareholder agreement is worth USD 2 billion. The joint venture will be set up at Tajij Industrial Chemicals Zone, Ruwais.
The Tajij EDC and PVC joint venture will build and operate a production facility for chlor-alkali, ethylene dichloride (EDC) and polyvinyl chloride (PVC). For the first time in the UAE, such chemicals will be produced, opening new avenues of revenue for local manufacturers.
The formal shareholder agreement was signed by Reliance Chairman and Managing Director Mukesh Ambani during his visit to the ADNOC headquarters.
Ambani met His Excellency Dr Sultan Al Jaber, UAE Minister of Industry and Advanced Technology and ADNOC Managing Director and Group CEO, and discussed opportunities for partnership and growth in the hydrocarbon value chain, new energy and decarbonisation.
Mukesh Ambani said, "I am very happy to see the rapid progress of the joint venture of Reliance Industries and TA'ZIZ. This joint venture is a witness to the strong ties between India and the United Arab Emirates. It is expected that the TA'ZIZ complex will benefit from the Free Trade Agreement between India and the United Arab Emirates, which was signed in February this year. This will boost bilateral trade between the two countries."
Dr Al Jaber said, "Reliance is an important strategic partner and our cooperation in TA'ZIZ will further strengthen the deep and friendly ties between the UAE and India. It will play an important role in industrial and energy cooperation."
Mukesh Ambani also met Mohamed Jameel Al Ramhi, CEO of Masdar, to explore potential opportunities for collaboration in renewable energy and green hydrogen. New energy is one of the priorities of both the UAE and India.