After announcing Rs 75,000 crore mega investment plans in the green energy business last week, Reliance Industries Limited on Tuesday announced an agreement to join a key chemicals business at Ta’ziz in Ruwais.
The joint venture between two global energy players will produce Chlor-alkali, ethylene dichloride and polyvinyl chloride (PVC). The ADNDC is investing UAE dirham 18 billion in the project, a press statement from the company said.
The companies did not specify the amount Reliance is going to invest in the project but market analysts put the investment to be in the range of $1.2 to 1.5 billion.
Under the agreement, Ta’ziz and Reliance will construct an integrated plant with a capacity to produce 9.40 lakh tonnes of Chlor-alkali, 11 lakh tonnes of ethylene dichloride and 3.60 lakh tonnes PVC a year. Chlor-alkali is used in water treatment
and the manufacture of textiles and metals.
Ethylene dichloride is typically used to produce PVC. PVC has a wide range of applications across housing, infrastructure and consumer goods.
Ambani, the chairman and managing director of Reliance termed the investment as a significant step in globalizing the company’s operations. “We at Reliance are excited to enter into a Strategic Partnership with ADNOC for establishing a world-
class and world-scale chemical project at TA’ZIZ in Ruwais. This important milestone further bolsters our long-standing relationship with ADNOC, reaffirming our faith in the global vision of the UAE’s wise leadership,” Ambani said.
Ta’ziz is a joint venture between the Abu Dhabi National Oil Company and ADQ, the kingdom’s investment arm. It is going to house three industrial zones – Chemicals Zone, light Industrial Zone and industrial services zone.
