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Abu Dhabi Chemicals Derivatives Co., or TA’ZIZ, and India's Reliance Industries Ltd. (RIL) have signed the formal shareholder agreement for its $2 billion joint venture chemicals production facility.
TA’ZIZ is a joint venture between Abu Dhabi National Oil Co., and sovereign wealth fund, ADQ. Reliance Industries, India’s oil-to-telecoms conglomerate is a strategic partner in the chemicals venture; its first investment in the MENA region.
The formal shareholder agreement was signed by senior executives during a visit of Mukesh Ambani, Chairman and Managing Director of Reliance, to ADNOC headquarters, ADNOC said in a statement.
ADNOC Managing Director and Group CEO Dr. Sultan Al Jaber and Ambani also exchanged a signed framework agreement to explore collaboration in the exploration, development and production of conventional and unconventional resources in Abu Dhabi as well as in decarbonization of operations, including in carbon dioxide (CO2) sequestration.
The TA’ZIZ project is "making solid progress towards the detailed design phase in advance of the Final Investment Decision (FID) which is expected to be taken later this year."
The facility will produce chlor-alkali, ethylene dichloride and polyvinyl chloride, is located at the TA’ZIZ Industrial Chemicals Zone, Ruwais.
ADNOC and ADQ said in 2020 they expected to attract more than $5 billion of third-party investments into petrochemical projects being executed by the TA'ZIZ joint venture.
(Writing by Brinda Darasha; editing by Daniel Luiz)
