(ET)
Billionaire Mukesh Ambani’s Reliance Industries Ltd has signed a formal shareholder agreement for the USD 2 billion TA’ZIZ chemical joint venture in the UAE and inked a pact to collaborate with ADNOC in finding and producing conventional and unconventional resources. “Abu Dhabi Chemicals Derivatives Company RSC Ltd (TA’ZIZ) and Reliance Industries Ltd (RIL), have signed the formal shareholder agreement for the TA’ZIZ EDC and PVC project,” the company said in a statement.
TA’ZIZ is joint venture between Abu Dhabi National Oil Co (ADNOC) and sovereign wealth fund ADQ.
Under the terms of a strategic agreement, Reliance and TA’ZIZ will build plants with the capacity to produce 940,000 tonnes per annum of Chlor-alkali, 1.1 million tonnes a year of ethylene dichloride and 360,000 tonnes per year of polyvinyl chloride at the TA’ZIZ Industrial Chemicals Zone.
