TAZIZ Industrial Chemicals Zone in Ruwais has agreed to create a chemical production joint venture (JV) between Abu Dhabi Chemicals Derivatives Company RSC Ltd (TAZIZ) and Reliance Industries Limited (RIL).
With a USD 2 billion investment, the new joint venture, 'TA'ZIZ EDC & PVC,' will build and run a "Chlor-Alkali, Ethylene Dichloride (EDC), and Polyvinyl Chloride (PVC) production facility." "The TA'ZIZ Industrial Chemicals Zone is a joint venture between ADNOC and ADQ," the statement continued.
According to the statement, the project is Reliance's first investment in the MENA area and builds on ADNOC and Reliance's long-standing strategic cooperation. Reliance Industries Chairman and Managing Director Mukesh D. Ambani was quoted in the statement as stating, "This joint venture between Reliance Industries Limited and TA'ZIZ would further solidify the long-standing and treasured partnership between India and the UAE." "We are pleased to announce that the first projects in the vinyl chain will be established in the UAE at TA'ZIZ Industrial Chemicals Zone, which is being developed as a global hub for chemicals," he added.