Reliance Industries set up a $2 billion Joint Venture with Abu-Dhabi based TA’ZIZ.
- ByStartupStory | December 8, 2021
Reliance Industries Ltd. announced the launch of a strategic joint venture with Abu Dhabi Chemicals Derivatives Company RSC Ltd (TA’ZIZ) for chemical projects worth $2 billion in Ruwais meant to construct and operate a Chlor-Alkali, Ethylene Dichloride (EDC) and Polyvinyl Chloride (PVC) production facility.
The signing was witnessed by UAE Industry Minister Dr Sultan Ahmed Al Jaber, who is also the ADNOC Managing Director and Group CEO, and RIL Chairman and MD Mukesh Ambani.This partnership is expected to boost the long-standing strategic partnership between the state-owned Abu Dhabi National Oil Company (ADNOC) and RIL in the Middle East and North Africa (MENA) region.
Commenting on the Joint Venture project, Dr Al Jaber said, “We are delighted to partner with Reliance Industries in this new joint venture which will manufacture critical industrial raw materials for the first time in the UAE, supporting our national strategy to empower the industrial sector to become the driving force of a truly dynamic economy over the next 50 years”
The RIL chief, Mukesh Ambani said,”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”.
Chlor-Alkali enables the production of caustic soda, crucial to the alumina refining process. EDC is used in the production of PVC, which is used to manufacture a wide range of industrial and consumer products including pipes, windows fittings, cables, films and flooring.
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