Abu Dhabi state-owned Chemicals Derivatives Company (TA'ZIZ) and Indian conglomerate Reliance Industries have agreed to start a more than $2 billion chemical production partnership in Ruwais, Abu Dhabi, TA'ZIZ said in a statement on Tuesday.
The joint venture, called TA’ZIZ EDC & PVC, will construct and operate a chlor-alkali, ethylene dichloride (EDC) and polyvinyl chloride (PVC) production facility, the statement said.
The JV aims to export the materials to target markets in Southeast Asia and Africa as well as selling them domestically.
"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," TA'ZIZ said.
TA'ZIZ was formed last year, also as a joint venture, by Abu Dhabi National Oil Company (ADNOC) and Abu Dhabi state-owned holding company ADQ, which own 60% and 40% respectively.
"India's need for PVC to propel its growth, and the value from the abundantly available feedstock in UAE, provides a win-win partnership for both companies," TA'ZIZ quoted Reliance's billionaire chairman Mukesh Ambani as saying.
“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," RIL said.
Source : Mix
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