Abu Dhabi Chemicals Derivatives Company RSC Ltd (“TA’ZIZ”) and Reliance Industries Limited (RIL) have announced the launch of a strategic joint venture (JV) with an investment worth more than $2 billion for chemicals projects in the TA’ZIZ Industrial Chemicals Zone in Ruwais.

The JV, called TA’ZIZ EDC & PVC, will involve the construction and operation of a chlor-alkali, ethylene Dichloride (EDC) and polyvinyl chloride (PVC) production facility, the statement added.

Furthermore, the JV aims to meet the growing demand for these chemicals globally and domestically, thereby creating new local value chains.

Signatories of the JV terms included Khaleefa Al Mheiri, Acting CEO of TA’ZIZ and  Kamal Nanavaty, President Strategy and Business Development of Reliance Industries Limited. The signing of the terms was also witnessed by Sultan Ahmed Al Jaber, UAE Minister of Industry and Advanced Technology and ADNOC Managing Director and Group CEO and Reliance Industries Chairman and Managing Director, Mukesh D. Ambani.

Commenting on the new JV, Al Jaber said, “This strategic partnership with Reliance Industries builds on the strong and deep-rooted bilateral ties between the UAE and India and highlights the attractive and compelling value proposition offered by TA’ZIZ as we grow a globally competitive industrial ecosystem. We are delighted to partner with Reliance Industries in this new joint venture which will manufacture critical industrial raw materials for the first time in the UAE, supporting our national strategy to empower the industrial sector to become the driving force of a truly dynamic economy over the next 50 years.”

For his part, Ambani stated “This joint venture between Reliance Industries Limited and TA’ZIZ will further cement the long standing and valued relationship between India and the UAE. We are happy that we will be setting up the first projects in the vinyl chain in the UAE at TA’ZIZ Industrial Chemicals Zone, which is being developed into a global hub for chemicals.”