Mumbai (Maharashtra) [India], December 7 (ANI): Reliance Industries and Abu Dhabi state-owned Chemicals Derivatives Company (TA'ZIZ) have agreed to start a more than USD 2 billion chemical production partnership in Ruwais, Abu Dhabi.
TA'ZIZ, in a statement, informed that the joint venture is called TA'ZIZ EDCPVC, and it will construct and operate a chlor-alkali, ethylene dichloride (EDC) and polyvinyl chloride (PVC) production facility.
"Representing the first production of these chemicals in the UAE, the project will enable the substitution of imports and the creation of new local value chains, while also meeting the growing demand for these chemicals globally," the statement read.
The TA'ZIZ Industrial Chemicals Zone is a joint venture between Abu Dhabi National Oil Company (ADNOC) and ADQ.
Reliance Industries Chairman and Managing Director, Mukesh D. Ambani said that the joint venture "will further cement the long-standing and valued relationship between India and the UAE.""We are happy that we will be setting up the first projects in the vinyl chain in the UAE at TA'ZIZIndustrial Chemicals Zone, which is being developed into a global hub for chemicals," he said.
Ambani also called the JV a "win-win partnership for both companies" and said, "India's need for PVC to propel its growth, and the value from the abundantly available feedstock in UAE, provides a win-win partnership for both companies.""Close cooperation in the region based on shared objectives is key as we optimise resources and work together to enrich the lives of our citizens," he added.
UAE Minister of Industry and Advanced Technology, 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.""This joint venture marks a major milestone in ADNOC's downstream expansion and the development of the TA'ZIZ Industrial Chemicals Zone. It will help strengthen domestic supply chains, drive In-Country Value and accelerate the UAE's economic diversification, in line with the leadership's wise directives," he added.
Today's agreement builds on significant interest in TA'ZIZ received from local and international investors in recent months, TA'ZIZ said. (ANI)