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Abu Dhabi company and India's Reliance sign agreement for Ruwais Chemicals Project

Joint venture to construct and operate production facility with a total investment of over $2 billion



Wam
Wam

By Wam

Published: Tue 26 Apr 2022, 10:42 PM

Last updated: Tue 26 Apr 2022, 10:43 PM

India's Reliance Industries Limited (RIL) and Abu Dhabi Chemicals Derivatives Company RSC Ltd (TA’ZIZ) signed the formal shareholder agreement for a new chemical production facility that is set to unlock new revenue streams, and create opportunities for local manufacturers.

The agreement was signed by senior executives during a visit by Mukesh Ambani, Chairman and Managing Director of Reliance.

The joint venture will construct and operate a facility to produce Chlor-Alkali, Ethylene Dichloride (EDC) and Polyvinyl Chloride (PVC , with a total investment of over $2 billion (Dh7.34 billion).

During his visit, Ambani met with Dr. Sultan bin Ahmed Al Jaber, Minister of Industry and Advanced Technology and Managing Director and Group CEO of ADNOC, and discussed opportunities for partnership and growth in Upstream, new energies and decarbonisation across the hydrocarbon value chain.

Dr. Al Jaber and 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 decarbonisation of operations, including in carbon dioxide (CO2). Ambani was also briefed on the 28th session of the Conference of the Parties (COP28) which is set to be held in the UAE in 2023.

Dr. Al Jaber said, "Reliance is a valued strategic partner and our collaboration at TA’ZIZ underscores the important role of industrial and energy cooperation as a means of strengthening the deep-rooted and friendly ties between the UAE and India."

Ambani said, "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 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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