Abu Dhabi Chemicals Derivatives Company RSC Ltd (TA’ZIZ) and India’s Reliance Industries Limited (RIL), have signed a shareholder agreement for the TA’ZIZ EDC & PVC project, a world-scale chemicals development project at the TA’ZIZ Industrial Chemicals Zone in Ruwais
Reliance is a strategic partner with Abu Dhabi National Oil Company (ADNOC) and ADQ, an Abu Dhabi-based investment and holding company, in the project. The TA’ZIZ EDC & PVC joint venture will construct and operate a chlor-alkali, ethylene dichloride (EDC) and polyvinyl chloride (PVC) production facility, with a total investment of more than US$2bn (AED 7.34bn).
The chemicals set to be produced by the TA’ZIZ EDC & PVC joint have a wide range of industrial applications, enabling local supply chains and meeting growing demand in key export markets. 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 agreement was signed during the visit of Mukesh Ambani, chairman and managing director of Reliance, to the UAE. H.E. Dr. Sultan Al Jaber, Minister of Industry and Advanced Technology and ADNOC managing director and group CEO and Ambani also exchanged a signed framework agreement between ADNOC and Reliance to explore collaboration in the exploration, development and production of conventional and unconventional resources in Abu Dhabi as well as in decarbonisation of operations, including in CO2 sequestration.
Ambani also 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.
H.E. Dr. Al Jaber said, “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. 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.”