India’s Reliance realizes its first project in Middle East worth two billion dollars

The Abu Dhabi government-owned Tazeez Industrial Chemicals Company said today in a statement that it has agreed with the Indian group Reliance Industries to form a partnership for the production of chemicals with investments in excess of two billion dollars inarea del Ruwais in Abu Dhabi.

The statement states that the joint venture will set up and manage a plant for the production of chlor-alkali, ethylene dichloride and polyvinyl chloride.

The joint venture aims to export its production to the target markets of Southeast Asia and in Africa, as well as selling in the local market.

“Taziz” explained that the project, which represents the production of these chemicals for the first time in the UAE, will allow for the exemption from imports and the establishment of new local value chains, while meeting the growing demand for these chemicals worldwide.

Abu Dhabi National Oil Company (ADNOC) and the emirate-owned ADQ Holding Company formed Tazeez last year as a joint venture with 60% of the first and 40% of the second.

“Tazez” quoted billionaire Mukesh Ambani, president of Reliance, as saying that India’s need for polyvinyl chloride to drive its growth and the value of abundant raw materials. prime for animal feed in the UAE provide a successful partnership for the two sides.

In November last year, Tazeez said it had selected potential investment projects worth more than $ 5 billion in the Ruwais petrochemical derivatives complex. in which the joint venture is a key factor.

Tazeez said the project is Reliance’s first investment in the Middle East and North Africa region.

Last month, Reliance Industries said it had agreed with Saudi Aramco to reevaluate the Saudi giant’s proposal to invest nearly $ 15 billion in Reliance’s oil business.

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