Page 5 - AsianOil Week 49 2021

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TA’ZIZ and Reliance launch chemicals JV

INVESTMENT ABU Dhabi Chemicals Derivatives Co. (TA’ZIZ) Meanwhile, RIL’s chairman and managing
and India’s Reliance Industries Ltd (RIL) agreed director, Mukesh Ambani, said: “India’s need
this week to form the TA’ZIZ EDC & PVC joint for PVC to propel its growth, and the value from
venture (JV) for their planned $2bn investment the abundantly available feedstock in UAE, pro-
in a chemical project at Ruwais. vides a win-win partnership for both companies.
The deal follows the June agreement between Close co-operation in the region based on shared India’s need for
the parties to develop a plant at the TA’ZIZ objectives is key as we optimise resources and PVC to propel
Industrial Chemicals Zone to produce chlor-al- work together to enrich the lives of our citizens.”
kali, ethylene dichloride (EDC) and polyvi- TA’ZIZ itself is a JV development between its growth, and
nyl chloride (PVC) to capitalise “on growing Abu Dhabi National Oil Co. (ADNOC) and
demand for these critical industrial raw materi- holding company ADQ that seeks to drive the the value from
als and leverage the strengths of ADNOC and development of industrial projects within the
Reliance as global industrial and energy leaders.” planned Ruwais downstream hub and promote the abundantly
The new JV will build and operate the chemi- economic diversification. available
cals facility, which will have a capacity of 940,000 Following its launch in November 2020,
tonnes per year of chlor-alkali, 1.1mn tpy of marine and land surveys have now been com- feedstock in UAE,
EDC and 360,000 tpy of PVC. pleted. ADNOC and ADQ have awarded con-
UAE Minister of Industry and Advanced tracts for the first stages of development of the provides a win-
Technology and ADNOC managing director site and work is underway on geotechnical and
and CEO, Sultan Ahmed Al Jaber, said that the topographical and marine bathymetric surveys. win partnership
JV “will manufacture critical industrial raw ADNOC said that industrial chemical zone for both
materials for the first time in the UAE, support- projects are currently in the design phase, with
ing our national strategy to empower the indus- start-up targeted in 2025. companies.
trial sector to become the driving force of a truly Tenders have also been awarded for the initial
dynamic economy over the next 50 years.” design of seven chemicals derivatives projects Mukesh Ambani
He added: “It will help strengthen domestic and work is ongoing. TA’ZIZ anticipates making Chairman and Manag-
supply chains, drive in-country value and accel- final investment decisions (FIDs) for the projects ing Director
erate the UAE’s economic diversification, in line and awards of related engineering, procurement RIL
with the leadership’s wise directives.” and construction (EPC) contracts in 2022.™

Week 49 10•December•2021 www. NEWSBASE .com P5