RIL, Abu Dhabi’s TA’ZIZ ink $2-billion chemical project joint venture
Abu Dhabi Chemicals Derivatives Company RSC Ltd (TA’ZIZ) and Reliance Industries Ltd (RIL) have signed the formal shareholder agreement for the Rs 15,000-crore TA’ZIZ EDC & PVC project.
The joint venture will construct and operate a chlor-alkali, ethylene dichloride (EDC) and polyvinyl chloride (PVC) production facility, with total 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. RIL is a strategic partner with Abu Dhabi National Oil Company (ADNOC) and ADQ, an Abu Dhabi-based investment and holding company in the project at the TA’ZIZ Industrial Chemicals Zone in Ruwais.
The formal shareholder agreement was signed by senior executives during a visit of RIL CMD Mukesh Ambani to ADNOC headquarters. He met Sultan Al Jaber, Minister of Industry & Advanced Technology and ADNOC MD & Group CEO, and discussed opportunities for partnership and growth in upstream, new energies and decarbonisation across the hydrocarbon value chain.
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