The Abu Dhabi Chemicals Derivatives Company (TA’ZIZ) has signed the formal Shareholder Agreement with the Indian multinational conglomerate company, Reliance Industries Limited (RIL) for the TA’ZIZ EDC and PVC project.
ADNOC said in a statement that, “Reliance is partnering with ADNOC and Abu Dhabi holding company ADQ for the TA’ZIZ EDC and PVC joint venture, which will construct and operate a chlor-alkali, ethylene dichloride (EDC) and polyvinyl chloride (PVC) plant with an investment of more than $2 billion.”
These chemicals will be produced in the UAE for the first time, unlocking new revenue streams and opportunities for local manufacturers to “Make it in the Emirates”.
“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.”
As per the statement, the TA’ZIZ EDC and PVC project is making solid progress towards the detailed design phase in advance of the Final Investment Decision (FID), which is expected to be taken later this year.
The TA’ZIZ EDC and PVC project is well-positioned to strengthen domestic supply chains and support the UAE’s national strategy to empower the industrial sector and become the driving force of a dynamic and robust domestic economy over the next 50 years.
“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 the strengths of the two nations. I am looking forward to the implementation of the project at an accelerated pace, taking a step further in enhancing the lives of our people in the region,” noted Mr. Mukesh Ambani, Chairman and Managing Director of Reliance.
The Ta’ziz complex is also expected to benefit from the trade agreement, which was signed in February of this year. “Bilateral trade between both nations will be boosted as new trade and development opportunities, such as TA’ZIZ, are further unlocked,” the company added.
Further, Dr. Al Jaber and Mr. Ambani have exchanged a signed framework agreement to explore collaboration in the exploration, development, and production of conventional and unconventional resources in Abu Dhabi as well as in decarbonization of operations, including in carbon dioxide (CO2) sequestration.