The joint venture will construct and operate a Chlor-Alkali, Ethylene Dichloride and Polyvinyl Chloride production facility. Image Credit: Supplied

Abu Dhabi: Abu Dhabi Chemicals Derivatives Company RSC Ltd (TA’ZIZ) and Reliance Industries Limited (RIL) have signed the formal shareholder agreement for the TA’ZIZ EDC and PVC project, it was announced on Tuesday.

Reliance is India’s largest diversified conglomerate and 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 at the TA’ZIZ Industrial Chemicals Zone in Ruwais.

The TA’ZIZ EDC and PVC joint venture will construct and operate a Chlor-Alkali, Ethylene Dichloride (EDC) and Polyvinyl Chloride (PVC) production facility, with a total investment of over $2 billion (Dh7.34 billion). These chemicals will be produced in the UAE for the first time, unlocking new revenue streams and opportunities for local manufacturers.

“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 decarbonization, new energies and upstream production,” said Dr. Sultan Al Jaber, Minister of Industry and Advanced Technology and ADNOC Managing Director and Group CEO.

Dr. Al Jaber and Mukesh Ambani, Chairman and Managing Director of Reliance, 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 carbon dioxide (CO2) sequestration.

“I am happy to see the quick progress made by the TAZIZ EDC and PVC joint venture between Reliance Industries Limited and TA’ZIZ in a short time. 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. I am looking forward to implementation of the project at an accelerated pace, taking a step further in enhancing lives of our people in the region,” Ambani said.