TAZIZ and Reliance Sign Shareholder Agreement for Ruwais Chemicals Project

Reliance Industries Limited, India’s largest diversified conglomerate, is partnering with ADNOC and ADQ in the TA’ZIZ Industrial Chemical Zone at Ruwais

Abu Dhabi Chemicals Derivatives Company RSC Ltd (TA’ZIZ) and Reliance Industries Limited (RIL), have signed the formal Shareholder Agreement for the TA’ZIZ EDC & PVC project. Reliance is India’s largest diversified conglomerate and a strategic partner with Abu Dhabi National Oil Company (ADNOC) and ADQ, an Abu Dhabi-based investment and holding company, in TA’ZIZ EDC & PVC, a world-scale chemicals development at the TA’ZIZ Industrial Chemicals Zone in Ruwais

The TA’ZIZ EDC & PVC joint venture will construct and operate a Chlor-Alkali, Ethylene Dichloride (EDC) and Polyvinyl Chloride (PVC) production facility, with a total investment of over $2 billion (AED 7.34 billion). 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.

The formal shareholder agreement was signed by senior executives during a visit of Mr. Mukesh Ambani, Chairman and Managing Director of Reliance, to ADNOC headquarters. During the visit, Mr. Ambani met with His Excellency Dr. Sultan 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 decarbonization across the hydrocarbon value chain.

H.E. Dr. Al Jaber and Mr. Mukesh Ambani exchanged a signed framework agreement between ADNOC and Reliance to explore collaboration in the exploration, development and production of conventional and unconventional resources in Abu Dhabi as well as in decarbonization of operations, including in carbon dioxide (CO2) sequestration. Mr. Mukesh Ambani was also briefed on the 28th session of the Conference of the Parties (COP28) which is being held in the UAE in 2023.

The TA’ZIZ EDC & PVC project is well positioned to strengthen domestic supply chains and support the UAE’s national strategy to empower the industrial sector and become the driving force of a dynamic and robust domestic economy over the next 50 years. 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. Bilaterial trade between both nations will be boosted as new trade and development opportunities, such as TA’ZIZ, are further unlocked.