Reliance Industries (RIL) on Tuesday said it will in partnership with Abu Dhabi Chemicals Derivatives Company RSC (TA'ZIZ) invest $2 billion in setting up a petrochemical production facility in the UAE.
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.
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 RIL's long-standing strategic partnership and is RIL's first investment in the MENA region.
The chemicals have a wide range of industrial applications, enabling local supply chains and meeting growing demand in key export markets.
TA'ZIZ comprises three zones, the first of which is an Industrial Chemicals Zone that will host chemicals production, with seven world-scale projects already in the design phase. The second is a Light Industrial Zone, which will be home to downstream conversion industries that will convert the outputs of the Chemical Zone into consumable products and, finally, an Industrial Services Zone that will house a variety of companies providing the necessary services required by the TA'ZIZ industrial zones and the wider Ruwais Industrial Complex.
The TA'ZIZ Industrial Chemical Zone projects are currently in the design phase with project start up targeted in 2025.
TA'ZIZ is an industrial services and logistics ecosystem that drives, supports, and enables the growth of the Ruwais Industrial Complex and Abu Dhabi's chemicals, advanced manufacturing and industrial sectors.
ADNOC is a leading diversified energy and petrochemicals group wholly owned by the Emirate of Abu Dhabi.
ADQ is one of the region's largest holding companies with direct and indirect investments in more than 90 companies locally and internationally.
RIL is India's largest private sector company. Its activities span hydrocarbon exploration and production, petroleum refining and marketing, petrochemicals, retail, and digital services.
On a consolidated basis, RIL reported 46% increase in net profit to Rs 15,479 crore on 50.7% rise in net sales to Rs 1,67,611 crore in Q2 September 2021 over Q2 September 2020.
Shares of RIL were up 1.83% at Rs 2425.20 on the BSE.
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