UAE, India Launch Strategic Joint Venture for $2 Billion Chemicals Projects in Ruwais
Business
Abu Dhabi - Asharq Al-Awsat
Abu Dhabi Chemicals Derivatives Company RSC Ltd (TA’ZIZ) and India’s Reliance Industries Limited (RIL) have agreed to launch TA’ZIZ EDC & PVC, a world-scale chemical production partnership at the TA’ZIZ Industrial Chemicals Zone in Ruwais, Emirates News Agency (WAM) reported. The new joint-venture will construct and operate a Chlor-Alkali, Ethylene Dichloride (EDC) and Polyvinyl Chloride (PVC) production facility, with an investment of more than $2 billion, WAM said. 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 growing demand for these chemicals globally. The TA’ZIZ Industrial Chemicals Zone is a joint venture between Abu Dhabi National Oil Company (ADNOC) and ADQ. The project builds on ADNOC and Reliance’s long-standing strategic partnership and is Reliance’s first investment in the MENA region. The signing of the joint venture terms, which are subject to regulatory approvals, was witnessed by Dr. Sultan bin Ahmed Al Jaber, Minister of Industry and Advanced Technology and Managing Director and Group CEO of ADNOC, and Reliance Industries Chairman and Managing Director, Mukesh D. Ambani. The joint venture terms were signed by Khaleefa Al Mheiri, Acting CEO of TA’ZIZ, and Kamal Nanavaty, President of Strategy and Business Development at Reliance Industries Limited, WAM said. "This strategic partnership with Reliance Industries builds on the strong and deep-rooted bilateral ties between the UAE and India and highlights the attractive and compelling value proposition offered by TA’ZIZ as we grow a globally competitive industrial ecosystem,” said Dr. Al Jaber. “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. As for Ambani, he said the joint venture will further cement the long-standing ties 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’ZIZ Industrial Chemicals Zone, which is being developed into a global hub for chemicals,” WAM quoted him as saying. "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 optimize resources and work together to enrich the lives of our citizens,” he added.
from Asharq AL-awsat https://english.aawsat.com/home/article/3347806/uae-india-launch-strategic-joint-venture-2-billion-chemicals-projects-ruwais
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