RIL shares rise 2% on JV with Abu Dhabi-based TA’ZIZ for chemical projects
The new joint-venture will construct and operate a Chlor-Alkali, Ethylene Dichloride and Polyvinyl Chloride production facility, with an investment of more than $2 billion.
December 08, 2021 / 09:51 AM IST
Shares of Reliance Industries rose 2 percent in early trade on December 8 after the company announced a partnership with Abu Dhabi Chemicals Derivatives Company RSC Ltd (TA’ZIZ) for chemical projects worth USD 2 billion in Ruwais.
"Abu Dhabi Chemicals Derivatives Company RSC Ltd (TA’ZIZ) and Reliance Industries (RIL), have agreed to launch ‘TA’ZIZ EDC & PVC’, a world-scale chemical production partnership at the TA’ZIZ Industrial Chemicals Zone in Ruwais," Reliance Industries said in its release.
"The new joint-venture will construct and operate a Chlor-Alkali, Ethylene Dichloride (EDC) and Polyvinyl Chloride (PVC) production facility, with an investment of more than $2 billion," the company added.
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Representing the first production of these chemicals in the UAE, the project will enable the substitution of imports and the creation of new local value chains, while also meeting growing demand for these chemicals globally.
The TA’ZIZ Industrial Chemicals Zone is a joint venture between Abu Dhabi National Oil Company (ADNOC) and ADQ.
The project builds on ADNOC and Reliance’s long-standing strategic partnership and is Reliance’s first investment in the MENA region.
“This joint venture between Reliance Industries Limited and TA’ZIZ will further cement the long standing and valued relationship between India and the UAE," said Mukesh Ambani, Chairman and Managing Director, Reliance Industries.
"We are happy that we will be setting up the first projects in the vinyl chain in the UAE at TA’ZIZ Industrial Chemicals Zone, which is being developed into a global hub for chemicals,” he added.
At 09:21 hrs, Reliance Industries was quoting at Rs 2,417.35, up Rs 35.75, or 1.50 percent on the BSE.Disclaimer: Moneycontrol is a part of the Network18 group. Network18 is controlled by Independent Media Trust, of which Reliance Industries is the sole beneficiary.