RIL gains 2% on JV with Abu Dhabi-based TA’ZIZ for chemical projects
Published On: Wednesday, December 8, 2021 | By: Team KnowMyStock
Shares of Reliance Industries gained 2 percent in early trade on December 8 after the company announced a partnership with Abu Dhabi Chemicals Derivatives Company RSC Ltd (TA’ZIZ) for chemical projects worth USD 2 billion in Ruwais. The joint venture, called TA'ZIZ EDC & PVC, will construct and operate a Chlor-alkali, ethylene dichloride (EDC) and polyvinyl chloride (PVC) production facility, the statement said. This is the first investment by RIL in the region, the statement added. This is in line with RIL’s announcement to invest in West Asia when its oil–to-chemicals stake sale deal with Saudi Aramco was put on the back burner. The JV aims to export the materials to target markets in Southeast Asia and Africa as well as sell them domestically. Representing the first production of these chemicals in the UAE, the project will enable the substitution of imports and the creation of new local value chains, while also meeting the growing demand for these chemicals globally.
“This joint venture between Reliance Industries Limited and TA’ZIZ will further cement the long-standing and valued relationship between India and the UAE," said Mukesh Ambani, Chairman and Managing
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