RIL firms up first investment in West Asia in pact with Abu Dhabi company
Mukesh Ambani led Reliance Industries (RIL) is firming up its first investment in West Asia with Abu Dhabi Chemicals Derivatives Company (TA’ZIZ). An RIL statement said the two have agreed to launch ‘TA’ZIZ EDC & PVC’, a chemical production partnership at the TA’ZIZ Industrial Chemicals Zone in Ruwais, Abu Dhabi.
“The new joint-venture will construct and operate a chlor-alkali, ethylene dichloride (EDC) and polyvinyl chloride (PVC) production facility, with an investment of more than $2 billion,” the RIL statement said.
This is the first investment by Reliance in the region, the statement added. This is in line with RIL’s announcement to invest in West Asia when its O2C stake sale deal with Saudi Aramco was put on the back burner.
