India’s largest diversified conglomerate Reliance Industries said on Tuesday it was partnering with Abu Dhabi National Oil Company (ADNOC) and Abu Dhabi-based investment and holding company ADQ in the TA’ZIZ Industrial Chemical Zone at Ruwais.

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The shareholder agreement for the $2 billion-plus (AED 7.34 billion) joint venture was signed as the project progresses towards detailed design phase ahead of the expected final investment decision later this year.

The Abu Dhabi Chemicals Derivatives Company RSC Ltd (TA’ZIZ) and Reliance joint venture will construct and operate a Chlor-Alkali, Ethylene Dichloride, and Polyvinyl Chloride production facility.

In a joint press statement, the companies said: “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’.”

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It is anticipated that the TA’ZIZ complex will benefit from the free trade agreement between India and the United Arab Emirates, which was signed in February of this year.

The agreement was signed by senior executives during Reliance Chairman and Managing Director Mukesh Ambani’s visit to the ADNOC headquarters.

“I am happy to see the quick progress made by the TA’ZIZ joint venture between Reliance Industries and TA’ZIZ in a short time. 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 strengths of the two nations. I am looking forward to implementation of the project at an accelerated pace, taking a step further in enhancing lives of our people in the region,” Ambani said.

Ambani met Al Jaber, Minister of Industry and Advanced Technology and ADNOC Managing Director and Group CEO, and discussed opportunities for partnership and growth in upstream, new energies, and decarbonisation across the hydrocarbon value chain.

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Al Jaber, said: “Reliance is a valued strategic partner. 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 decarbonisation, new energies and upstream production.”

During his visit, Ambani was briefed on the 28th session of the Conference of the Parties (COP28), being held in the UAE in 2023.

Ambani also met with Mohamed Jameel Al Ramahi, CEO of Masdar, to explore potential opportunities for collaboration in renewable energy and green hydrogen, both of which are key priorities for the UAE and India.

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(Edited by : Amrita Das)

First Published:Apr 26, 2022 5:34 PM IST