Reliance Industries Limited (RIL) of India and Abu Dhabi Chemicals Derivatives Company RSC Ltd (TA’ZIZ) of the United Arab Emirates have inked a formal shareholder agreement for a new chemical production facility that will generate new revenue streams and prospects for local manufacturers.
Senior executives signed the deal during a visit by Mukesh Ambani, Chairman and Managing Director of Reliance Industries.
With a total investment of over $2 billion, the joint venture will build and run a factory to produce Chlor-alkali, ethylene dichloride (EDC), and polyvinyl chloride (PVC) (Dh7.34 billion).
During his visit, Ambani met with Dr. Sultan bin Ahmed Al Jaber, Minister of Industry and Advanced Technology and Managing Director and Group CEO of ADNOC, to discuss cooperation and growth potential in Upstream, new energies, and decarbonization across the hydrocarbon value chain.
Dr. Al Jaber and Ambani exchanged a written framework agreement between ADNOC and Reliance to explore collaboration in Abu Dhabi in the exploration, development, and production of conventional and unconventional resources, as well as in operational decarbonisation, including carbon dioxide emissions (CO2). Ambani was also briefed on the 28th Conference of the Parties (COP28), which will be placed in the United Arab Emirates in 2023.
“Reliance is a valued strategic partner, and our partnership at TA’ZIZ highlights the critical significance of industrial and energy cooperation in developing the UAE’s deep-rooted and cordial connections with India,” Dr. Al Jaber stated.
According to Ambani, “This joint venture is a testament to India and the UAE’s strong and expanding ties, and it will serve as a model for future initiatives based on the two countries’ capabilities. I am looking forward to rapid implementation of the project, which will help to improve the lives of our people in the region.”
Ambani also met with Masdar CEO Mohamed Jameel Al Ramahi to discuss a potential partnership in renewable energy and green hydrogen, both of which are top priorities for the UAE and India.
