Reliance Industries lines up petrochemical play with Adnoc in UAE

Reliance Industries and Abu Dhabi National Oil Co (Adnoc), a state-run oil company of the UAE, have finalised an agreement for a petrochemical joint venture one and a half years after signing a broad framework agreement, said people in the know.

Mukesh Ambani flagship RIL NSE 0.64 % will be investing $1.2-1.5 billion in a factory to manufacture ethylene dichloride (EDC), located next to Adnoc’s integrated refining and petrochemicals site in Ruwais – the biggest such complex in the Middle East. Adnoc is expected to make a similar investment.