RIYADH: Indian multinational conglomerate company Reliance Industries has signed a shareholder agreement with Abu Dhabi chemical derivatives company TA’ZIZ to propel a $2 billion chemicals project at Ruwais, according to a statement.
The Indian firm will collaborate with UAE state-owned oil company ADNOC, as well as Abu Dhabi Developmental Holding Co. to advance the project in the TA’ZIZ Industrial Chemical Zone.
Also referred to as TA’ZIZ EDC & PVC, the project is currently proceeding towards the detailed design phase.
A final investment decision is set to be announced later this year.
The project aims to produce and introduce chlor-alkali, ethylene dichloride, and polyvinyl chloride for the very first time in the UAE.
In return, this will tap into new revenue streams and opportunities for domestic manufacturers to participate in the country’s “Make it in the Emirates” campaign which tackles the unique value proposition and benefits of manufacturing in the UAE.
“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,” the statement said, citing Sultan Al Jaber, minister of industry and advanced technology and ADNOC managing director.