Reliance Industries signs pact for UAE project

Billionaire Mukesh Ambani’s Reliance Industries Limited (RIL) has signed a formal shareholder agreement for the $2 billion TA’ZIZ chemical joint venture in the UAE and inked a pact to collaborate with Abu Dhabi National Oil Company (ADNOC) in finding and producing conventional and unconventional resources.

Abu Dhabi Chemicals Derivatives Company RSC Ltd (TA’ZIZ) and RIL, have signed the formal shareholder agreement for the TA’ZIZ EDC and PVC project, the company said in a statement.

TA’ZIZ is joint venture between ADNOC and sovereign wealth fund ADQ.

Under the terms of a strategic agreement, Reliance and TA’ZIZ will build plants with the capacity to produce 940,000 tonnes per annum of Chlor-alkali, 1.1 million tonnes a year of ethylene dichloride and 360,000 tonnes per year of polyvinyl chloride at the TA’ZIZ Industrial Chemicals Zone.

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