Reliance inks pact for UAE chemical project

New Delhi, April 26

Billionaire Mukesh Ambani’s Reliance Industries has signed a shareholder agreement for the $2 billion TA’ZIZ chemical joint venture in the UAE and inked a pact to collaborate with ADNOC in finding and producing conventional and unconventional resources.

“Abu Dhabi Chemicals Derivatives Company RSC Ltd (TA’ZIZ) and Reliance Industries Ltd (RIL), have signed the formal shareholder agreement for the TA’ZIZ EDC and PVC project,” the company said.

“The TA’ZIZ EDC & PVC joint venture will construct and operate a Chlor-Alkali, Ethylene Dichloride and Polyvinyl Chloride production facility, with an 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 statement added. — PTI

$2-billion joint venture

Reliance and TA’ZIZ will build plants with the capacity to produce 940,000 tonnes per annum of Chlor-alkali, 1.1 million tonnes a year of ethylene dichloride and 360,000 tonnes per year of polyvinyl chloride at the TA’ZIZ Industrial Chemicals Zone