TA'ZIZ and Reliance sign Shareholder Agreement for Ruwais Chemicals Project

• TA'ZIZ EDC & PVC will produce Chlor-Alkali, Ethylene Dichloride and Polyvinyl Chloride for the first time in the UAE, unlocking new revenue streams and opportunities for local manufacturers to "Make it in the Emirates"

Reliance Industries Limited (RIL) today signed the formal shareholder agreement with Abu Dhabi Chemicals Derivatives Company RSC Ltd (TA'ZIZ) on their new joint venture to develop a major chemicals project at the TA'ZIZ Industrial Chemical Zone at Ruwais.

The TA'ZIZ EDC & PVC joint venture will construct and operate a Chlor-Alkali, Ethylene Dichloride (EDC) and Polyvinyl Chloride (PVC) production facility, with a total investment of over $2 billion (AED 7.34 billion). These chemicals will be produced in the UAE for the first time, unlocking new revenue streams and opportunities for local manufacturers to "Make it in the Emirates."

Reliance is India's largest diversified conglomerate and a strategic partner with Abu Dhabi National Oil Company (ADNOC) and ADQ, an Abu Dhabi-based investment and holding company, in TA'ZIZ EDC & PVC, the development of a world-scale chemical at the TA'ZIZ Industrial Chemicals Zone in Ruwais.

The formal shareholder agreement was signed by senior executives during a visit of Mr. Mukesh Ambani, Chairman and Managing Director of Reliance, to ADNOC headquarters. During the visit, Mr. Ambani met with His Excellency Dr. Sultan Al Jaber, Minister of Industry and Advanced Technology and ADNOC Managing Director and Group CEO, and discussed opportunities for partnership and growth in Upstream, new energies and decarbonization across the hydrocarbon value chain.

H.E. Dr. Al Jaber and Mr. Mukesh Ambani exchanged a signed framework agreement between ADNOC and Reliance to explore collaboration in the exploration, development and production of conventional and unconventional resources in Abu Dhabi as well as in decarbonization of operations, including in carbon dioxide (CO2) sequestration. Mr. Mukesh Ambani was also briefed on the 28th session of the Conference of the Parties (COP28) which is being held in the UAE in 2023.

H.E. Dr. Al Jaber, said: "Reliance is a valued strategic partner and our collaboration at TA'ZIZ underscores the important role of industrial and energy cooperation as a means of strengthening the deep-rooted and friendly ties between the UAE and India. We are building on this partnership and the progress at TA'ZIZ to unlock more opportunities to drive the UAE's industrial and manufacturing growth while advancing cooperation on decarbonization, new energies and upstream production."

Mr. Mukesh Ambani, said: "I am happy to see the quick progress made by The TA'ZIZ EDC and PVC joint venture between Reliance Industries Limited and TA'ZIZ in a short time. This joint venture is a testimony to the strong and growing ties between India and the UAE and will be a benchmark for more such projects built on the strengths of the two nations. I am looking forward to the implementation of the project at an accelerated pace, taking a step further in enhancing the lives of our people in the region."

The TA'ZIZ EDC & PVC project is well-positioned to strengthen domestic supply chains and support the UAE's national strategy to empower the industrial sector and become the driving force of a dynamic and robust domestic economy over the next 50 years. It is anticipated that the TA'ZIZ complex will benefit from the free trade agreement between India and the United Arab Emirates, which was signed in February of this year. Bilateral trade between both nations will be boosted as new trade and development opportunities, such as TA'ZIZ, are further unlocked.

Reliance Industries in a statement said, "Mr. Mukesh Ambani also met with Mohamed Jameel Al Ramahi, CEO of Masdar, to explore potential opportunities for collaboration in renewable energy and green hydrogen, both of which are key priorities for the UAE and India."