Indian multinational conglomerate Reliance Industries Limited (RIL) and Abu Dhabi National Oil Corporation (ADNOC), a state-owned oil company of UAE have established the final agreement for the petrochemical joint venture.
As per the pact, the JV will build an integrated petrochemical facility into production of chlor-alkali, Ethylene Dichloride (EDC) and Polyvinyl Chloride (PVC) in Ruwais, Abu Dhabi. The new facility will be set up in the TA’ZIZ Industrial Chemicals Zone, a joint venture between ADNOC and Abu Dhabi Developmental Holding Co. (ADQ). The integrated plant with hold the capacity of 940,000 TPA of chlor-alkali, 1.1 million tonnes of Ethylene Dichloride and 360,000 TPA of Polyvinyl Chloride.
ADNOC’s Ruwais plant will be one of the biggest petrochemical complexes in the Middle East. This is a crucial step in strengthening India-UAE partnership as the market for the produced chemicals is expected to grow tremendously across the globe, particularly in Asia and Africa.
“This important milestone bolsters our long-standing relationship with ADNOC, reaffirming our faith in the global vision of the UAE’s wise leadership. It is also yet another testimony to the enormous potential in advancing India-UAE cooperation in value enhancement in the energy and petrochemicals sectors. The project will manufacture Ethylene Dichloride, a key building block for production of PVC in India. This is a significant step in globalizing Reliance’s operations, and we are proud to partner with ADNOC in this important project for the region," stated Ambani, chairman, RIL.
Commenting on the move, Dr. Sultan Ahmed Al Jaber, UAE Minister of Industry and Advanced Technology and ADNOC Managing Director and Group CEO stated, “We are delighted to attract an investor of Reliance’s caliber to partner with ADNOC and ADQ in accelerating growth at TA’ZIZ. This agreement is a significant milestone, as we continue to grow a globally competitive industrial ecosystem and highly attractive investor value proposition.”
“Tenders for the initial design of the seven TA’ZIZ chemicals derivatives projects have been awarded and work is ongoing. Final investment decisions for the projects and awards of related EPC contracts are being targeted for 2022,” stated RIL in its media release published on 29th June.