Reliance Industries, owned by billionaire Mukesh Ambani, announced on Tuesday that it will invest $2 billion in a petrochemical production facility in the UAE in conjunction with Abu Dhabi Chemicals Derivatives Company RSC Ltd (TA'ZIZ). For the development of the facility at Ruwais in western Abu Dhabi, the oil-to-telecom conglomerate will join the recently formed TA'ZIZ joint venture of Abu Dhabi state energy behemoth ADNOC and state holding firm ADQ.
"TA'ZIZ and RIL have agreed to begin 'TA'ZIZ EDC & PVC,' a world-scale chemical production cooperation at the TA'ZIZ Industrial Chemicals Zone in Ruwais," according to a statement from the firm. With a $2 billion investment, the new joint venture will build and run a Chlor-alkali, ethylene dichloride (EDC), and polyvinyl chloride (PVC) production facility.
