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Reliance in pact to invest $1.5 B in Abu Dhabi petrochemical hub: report

Economic Times  

Reliance Industries has signed a pact to invest in a giant petrochemical hub being built in the UAE. The oil-to-telecom conglomerate will join the recently-formed Ta'ziz joint venture of Abu Dhabi National Oil Co (Adnoc) and state holding company ADQ for developing the Ruwais Derivatives Park in western Abu Dhabi. Unconfirmed reports put the investment at about USD 1.5 billion. Ta'ziz is in talks with potential partners at the park, which is slated to start operations in 2025. It is hoping to attract around USD 5 billion into Ruwais. Under the terms of the agreement, Ta'ziz and Reliance will construct an integrated plant with a capacity to produce 940,000 tonnes of Chlor-alkali, 1.1 million tonnes of ethylene dichloride and 360,000 tonnes of PVC annually.