Reliance Industries has signed a pact to invest an undisclosed amount in a petrochemicals hub in Abu Dhabi. A company statement said the oil-to-telecom conglomerate will join Abu Dhabi National Oil Co's Ruwais project.
"Abu Dhabi National Oil Company (ADNOC) today announced that Reliance has signed an agreement to join a new world-scale chlor-alkali, ethylene dichloride and polyvinyl chloride (PVC) production facility at TA’ZIZ in Ruwais, Abu Dhabi," the statement said.
It, however, did not give details of the investment made.
"The agreement capitalizes on growing demand for these critical industrial raw materials and leverages the strengths of ADNOC and Reliance as global industrial and energy leaders.
"The project will be constructed in the TA’ZIZ Industrial Chemicals Zone, which is a joint venture between ADNOC and ADQ," the statement added.