Abu Dhabi chemical company, Reliance Industries form $2-bn production JV
Billionaire Mukesh Ambani’s Reliance Industries on Tuesday said it will in partnership with Abu Dhabi Chemicals Derivatives Company RSC Ltd (TA’ZIZ) invest $2 billion in setting up a petrochemical production facility 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 facility at Ruwais in western Abu Dhabi.
“TA’ZIZ and RIL, have agreed to launch ‘TA’ZIZ EDC & PVC’, a world-scale chemical production partnership at the TA’ZIZ Industrial Chemicals Zone in Ruwais,” the company said in a statement.
