The TA’ZIZ EDC and PVC JV would build and operate an EDC and PVC manufacturing facility with a total investment of over US$2 billion
The TA’ZIZ EDC and PVC JV would build and operate an EDC and PVC manufacturing facility with a total investment of over US$2 billion
Abu Dhabi Chemicals Derivatives Company RSC Limited (TA’ZIZ) and Reliance Industries Limited (RIL) have signed a formal shareholder agreement for the TA’ZIZ EDC and PVC project, both companies said in a joint statement.
Reliance is a strategic partner of Abu Dhabi National Oil Company (ADNOC) and ADQ, an Abu Dhabi-based investment and holding company, on TA’ZIZ EDC & PVC, a global chemical development project at the TA’ZIZ Industrial Chemicals Zone in Ruwais.
The TA’ZIZ EDC & PVC joint venture would construct and operate a chlor-alkali, ethylene dichloride (EDC) and polyvinyl chloride (PVC) production plant with a total investment of more than US$2 billion (AED7.34 billion).
These chemicals will be manufactured in the UAE for the first time, opening up new revenue streams and opportunities for local manufacturers to “manufacture in the Emirates,” the companies said in the statement.
The formal shareholder agreement was signed by senior officials during a visit to ADNOC’s headquarters by Mukesh Ambani, CMD of Reliance.
“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,” said Sultan Al Jaber, Minister for Industry and Advanced Technology and ADNOC Managing Director and Group CEO, said:
“We are building on this partnership and the advances at TA’ZIZ to unlock more opportunities to drive industrial and manufacturing growth in the UAE, while driving collaboration on decarbonisation, new energy and upstream manufacturing “, he said.
The TA’ZIZ EDC & PVC project is making solid progress towards the detailed design phase ahead of the Final Investment Decision (FID), which is expected to be made later this year, he added.
“This joint venture is a testament to the strong and growing relationship between India and the UAE and will be a benchmark for more such projects, building on the strengths of the two nations,” said Mr. Ambani.
