UAE's ADNOC and India's Reliance to invest $2bln in chemicals JV | ZAWYA MENA Edition
Abu Dhabi Chemicals Derivatives Co., or TA’ZIZ, and India's Reliance Industries Ltd. (RIL), will launch a joint venture to construct and operate a chemicals production facility with an investment of over $2 billion.
The facility, which will produce chlor-alkali, ethylene dichloride and polyvinyl chloride, will be located at the TA’ZIZ Industrial Chemicals Zone, Ruwais, ADNOC said in a statement on Tuesday.
TA’ZIZ is a joint venture between Abu Dhabi National Oil Co., and sovereign wealth fund, ADQ.
This is the first investment in the MENA region by the Indian oil-to-telecoms conglomerate.
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