Abu Dhabi Chemicals Derivatives Company RSC Limited (TA’ZIZ) and Reliance Industries Limited (RIL), have signed a formal shareholder agreement for the TA’ZIZ EDC & PVC project, both companies said in a joint statement.
Reliance 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 project at the TA’ZIZ Industrial Chemicals Zone in Ruwais.
The TA’ZIZ EDC & PVC joint venture would construct and operate a Chlor-Alkali, Ethylene Dichloride (EDC) and Polyvinyl Chloride (PVC) production facility at a total investment of more than $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 companies said in the statement.
The formal shareholder agreement was signed by senior executives during a visit of Mukesh Ambani, CMD of Reliance, to ADNOC headquarters.
“Reliance is a valued strategic partner and our collaboration at TA’ZIZ underscores the important role of industrial and energy cooperation as a means of strengthening the deep-rooted and friendly ties between the UAE and India,” Sultan Al Jaber, Minister of Industry and Advanced Technology and ADNOC Managing Director and Group CEO, said,
“We are building on this partnership and the progress at TA’ZIZ to unlock more opportunities to drive the UAE’s industrial and manufacturing growth, while advancing cooperation on decarbonisation, new energies and upstream production,” he said.
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, he added.
“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,” Mr. Ambani, said,
