Abu Dhabi (Etihad)
Abu Dhabi Chemical Derivatives Company Limited (“Tajis”) and India’s “Reliance Industries Limited” have announced the launch of a contract to launch a world-class joint venture (Thatsis ETC & PVC) to manufacture chemicals within the Thansees Chemical Industries Zone in Ruwais.
The new joint venture aims to invest 7.3 billion UAE dirhams (US $ 2 billion) for the first time in the United Arab Emirates to build and operate a global plant for the production of “chlor-alkali”, “ethylene dichloride” and “polyvinyl chloride”. )
This joint venture will contribute to increasing reliance on local products instead of imported products, creating new local value chains and meeting the growing global demand for these chemicals.
The “Tazez” Industrial Chemical Zone is one of three areas formed by the two parties, forming an integrated industrial organization called “Tazez”, a joint venture between the Abu Dhabi National Oil Company “ADNOC” and “ADQ”. The development of the Ruwais Industrial Complex and the chemical and advanced industrial sectors in the Emirate of Abu Dhabi are aimed at promoting the industry and contributing to the development of the petrochemical sector in Ruwais and the economic diversification of the country.
The project is based on the long-term strategic partnership between ADNOC and Reliance and represents Reliance’s first investment in the Middle East and North Africa region.
The signing ceremony of the almost joint venture agreement was attended by the Minister of Industry and Advanced Technology, His Excellency Dr. Sultan Ahmed Al Jaber, Managing Director and CEO of ADNOC and its Group of Companies and Chairman Mukesh Ambani. And Managing Director, Reliance Industries Limited. The agreement was signed on behalf of Tajiz by CEO Khalifa Al Muhairi and Kamal Nanavati, Head of Strategic Planning and Business Development, Reliance Industries Limited.
Speaking on the occasion, His Excellency Dr. Sultan Ahmed Al Jaber said: “There are strong ties between the United Arab Emirates and India, thanks to the support of the intelligent leadership in the country and its interest in coordinating and enhancing cooperation in various fields. Especially in the fields of energy, economy, trade and investment. This strategic partnership with Reliance benefits from the enhanced bilateral relations with historical roots between the two countries, and ensures the opportunities and attractive offers that “Taziz” offers as we move forward to build an advanced global industrial system. We are pleased to collaborate with Reliance on this joint venture, which aims to manufacture key raw materials for the first time in the United Arab Emirates, supporting our national strategy to enable the growth and development of local industry and to stabilize the position of the UAE. Global competition center for the production of chemicals.
He added: “In line with the vision of the brilliant leadership to build a sustainable economy in line with the Fifty Principles, this joint venture represents a major milestone in ADNOC’s strategy to expand its business in refining, manufacturing and petrochemicals. Contribute to improving and supporting supply chains, achieving self-sufficiency, increasing local value added and accelerating efforts to diversify the economy.
Mukesh Ambani, for his part, said, “This joint venture between Reliance Industries Limited and Tajis contributes to the strengthening of close ties and cooperation between the United Arab Emirates and India. , Which sees continuous growth on the path to becoming a global hub for chemicals.
He added: “This joint venture aims to harness the industry’s demand for polyvinyl chloride in the Republic of India and aims to position the United Arab Emirates as the main source for its growth, development and supply of raw materials. There is no doubt that our continuous efforts to benefit from the available resources will also help improve the quality of life of our communities.
The chemicals produced by the joint venture will be used in a wide range of industrial applications, thus contributing to the improvement of local supply chains in the United Arab Emirates and meeting growing demand in key export markets. The material acts to activate the production of caustic soda required for the production of aluminum.
Industrial Development Strategy
Chemicals is one of the key sectors in the UAE’s industrial development strategy led by the Ministry of Industry and Advanced Technology, which aims to increase the industry’s contribution to GDP by 2031 dirhams by 2031.
Chemicals is an attractive industry based on the expected growth in global demand and the opportunity for local production to create new supply chains.
The deal reflects the great interest that Tazeez has been seeing in recent months by local and international investors. “Taziz” consists of three industrial zones, the first being the “Chemical Industries Zone” and the second being the “Light Industries Zone”, where chemicals are currently being manufactured through seven global projects in design. Manufacturing industries transforming the releases of the “Chemical Industries Zone”. The third is the “Industrial Services Zone”, which includes the “Tazez” industrial areas and the various companies that provide the necessary services for the Ruwais industrial complex. Overall.
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