NEW DELHI: Reliance Industries has signed a pact to invest an undisclosed amount in a giant petrochemical hub being built in the UAE. The oil-to-telecom conglomerate will join the recently-formed Ta'ziz joint venture of Abu Dhabi state energy giant Adnoc and state holding company ADQ for developing the Ruwais Derivatives Park in western Abu Dhabi.
A company statement said an agreement has been signed for Reliance to invest in the project but did not give details. Unconfirmed reports put the investment at about USD 1.5 billion. Ta'ziz is in discussions with potential partners at the park, which is slated to start operations in 2025. It is hoping to attract around USD 5 billion into Ruwais.
Abu Dhabi National Oil Co, which pumps most of the UAE's 3 million barrels per day of crude oil, plans to spend USD 45 billion with partners to develop its downstream operations in Ruwais. These projects include adding refining and petrochemical capacity.
Reliance Industries scraps electronics manufacturing unit in Tirupati
Mukesh Ambani: Reliance retail sector to create 10 lakh job opportunities
Reliance performance in FY21 surpassed expectations: Mukesh Ambani