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RIL share price gains on agreement with ADNOC for chemical facility in Abu Dhabi

The facility will come up at the TA’ZIZ Industrial Chemicals Zone in Ruwais, with the capacity to produce 940 thousand tons of chlor-alkali, 1.1 million tons of ethylene dichloride and 360 thousand tons of PVC annually

June 30, 2021 / 12:25 PM IST
 
 
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Reliance Industries (RIL) share price gained nearly 1 percent in the early trade on June 30, a day after the company announced an agreement with Abu Dhabi National Oil Company (ADNOC) for setting up a world-scale chemical facility at TA’ZIZ in Ruwais.

"Abu Dhabi National Oil Company (ADNOC) announced that Reliance Industries, has signed an agreement to join a new world-scale chlor-alkali, ethylene dichloride and polyvinyl chloride (PVC) production facility at TA’ZIZ in Ruwais, Abu Dhabi," an RIL press release said on June 29.

The agreement capitalises on the growing demand for these critical industrial raw materials and leverages the strengths of ADNOC and Reliance as global industrial and energy leaders, it added.

The project will be constructed in the TA’ZIZ Industrial Chemicals Zone, which is a joint venture between ADNOC and ADQ.