TA’ZIZ and RIL Launch Strategic Joint Venture for $2 Billion Chemicals Projects in Ruwais
Mumbai : Abu Dhabi Chemicals Derivatives Company RSC Ltd (“TA’ZIZ”) and India’s Reliance Industries Limited (RIL), have agreed to launch ‘TA’ZIZ EDC & PVC’, a world-scale chemical production partnership at the TA’ZIZ Industrial Chemicals Zone in Ruwais.
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. 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. The signing of the joint venture terms, which are subject to regulatory approvals, was witnessed by His Excellency Dr. Sultan Ahmed Al Jaber, UAE Minister of Industry and Advanced Technology and ADNOC Managing Director and Group CEO and Reliance Industries Chairman and Managing Director, Mr. Mukesh D. Ambani. The joint venture terms were signed by Mr. Khaleefa Al Mheiri, Acting CEO of TA’ZIZ and Mr. Kamal Nanavaty, President Strategy and Business Development of Reliance Industries Limited.
“This joint venture between Reliance Industries Limited and TA’ZIZ will further cement the long standing and valued relationship between India and the UAE. 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” Mr. Mukesh Ambani, said.