Abu Dhabi Chemicals Derivatives Company, better known as Ta’ziz, and Reliance Industries, India's largest private petrochemicals company, have signed a formal shareholder agreement on their new joint venture to develop a major chemicals project at the Ta’ziz industrial chemicals zone in Ruwais.
Reliance is partnering with Adnoc and Abu Dhabi holding company ADQ for the Ta’ziz EDC and PVC joint venture, which will construct and operate a chlor-alkali, ethylene dichloride (EDC) and polyvinyl chloride (PVC) plant with an investment of more than $2 billion, Adnoc said in a statement on Tuesday.
These chemicals will be produced in the UAE for the first time, “unlocking new revenue streams and opportunities for local manufacturers”, the statement said.
The agreement was signed during the visit of Mukesh Ambani, chairman and managing director of Reliance, to Adnoc's headquarters, where he met Dr Sultan Al Jaber, Adnoc's managing director and group chief executive.
They discussed opportunities for partnership and growth across the hydrocarbon value chain.
“Reliance is a valued strategic partner and our collaboration at Ta'ziz underscores the important role of industrial and energy co-operation as a means of strengthening the deep-rooted and friendly ties between the UAE and India,” said Dr Al Jaber, who is also Minister of Industry and Advanced Technology.
“We are building on this partnership and the progress at Ta'ziz to unlock more opportunities to drive the UAE’s industrial and manufacturing growth, while advancing co-operation on decarbonisation, new energies and upstream production.”
The UAE and India signed a Comprehensive Economic Partnership Agreement (CEPA) in February that aims to boost non-oil trade between the two countries to $100bn in five years, from $60bn currently.
The deal, which will take effect on May 1, is expected to support the growth of national industries in the UAE, enhance their competitiveness, accelerate the pace of adopting advanced technology and create competitive advantages in new fields.
The Ta'ziz complex is also expected to benefit from the trade agreement.
The chemicals set to be produced by the Ta’ziz EDC and PVC joint venture with Reliance have a wide range of industrial applications, “enabling local supply chains and meeting growing demand in key export markets”, Adnoc said.
Chlor-alkali enables the production of caustic soda, crucial to the alumina refining process, while EDC is used in the production of PVC, a high-strength thermoplastic material used to manufacture industrial and consumer products such as pipes, windows fittings, cables, films and flooring.
Chemicals is also a priority sector for the UAE's Operation 300bn strategy, which aims to raise the industrial sector’s contribution to national gross domestic product to Dh300bn by 2031.
“The production of chlor-alkali, EDC and PVC will create export opportunities in target markets in South-east Asia and Africa, as well as provide local industry with a source of critical raw materials manufactured in the UAE for the first time, strengthening in-country value,” Adnoc said.
The Ta’ziz EDC and PVC project is making “solid progress” towards the detailed design phase and a final investment decision is expected to be taken later this year.
“I am happy to see the quick progress made by the Ta'ziz EDC and PVC joint venture between Reliance Industries Limited and Ta’ziz in a short time,” Mr Ambani said.
“This joint venture is a testimony to the strong and growing ties between India and the UAE and will be a benchmark for more such projects built on strengths of the two nations.”
Dr Al Jaber and Mr 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 to decarbonise operations including carbon dioxide sequestration.
Mr Ambani also met Mohamed Al Ramahi, chief executive of Masdar, to explore potential opportunities for collaboration in renewable energy and green hydrogen, the statement said.
The UAE is creating a global clean energy powerhouse under the Masdar brand, consolidating the efforts of Adnoc, Taqa and Mubadala in renewable energy and green hydrogen.
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The specs
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Company profile
Name: The Concept
Founders: Yadhushan Mahendran, Maria Sobh and Muhammad Rijal
Based: Abu Dhabi
Founded: 2017
Number of employees: 7
Sector: Aviation and space industry
Funding: $250,000
Future plans: Looking to raise $1 million investment to boost expansion and develop new products
Living in...
This article is part of a guide on where to live in the UAE. Our reporters will profile some of the country’s most desirable districts, provide an estimate of rental prices and introduce you to some of the residents who call each area home.
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Director: Scott Cooper
Starring: Jeremy Allen White, Odessa Young, Jeremy Strong
Rating: 4/5
Labour dispute
The insured employee may still file an ILOE claim even if a labour dispute is ongoing post termination, but the insurer may suspend or reject payment, until the courts resolve the dispute, especially if the reason for termination is contested. The outcome of the labour court proceedings can directly affect eligibility.
- Abdullah Ishnaneh, Partner, BSA Law
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COMPANY PROFILE
Name: Kumulus Water
Started: 2021
Founders: Iheb Triki and Mohamed Ali Abid
Based: Tunisia
Sector: Water technology
Number of staff: 22
Investment raised: $4 million
UAE players with central contracts
Rohan Mustafa, Ashfaq Ahmed, Chirag Suri, Rameez Shahzad, Shaiman Anwar, Adnan Mufti, Mohammed Usman, Ghulam Shabbir, Ahmed Raza, Qadeer Ahmed, Amir Hayat, Mohammed Naveed and Imran Haider.
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Indoor cricket in a nutshell
Indoor Cricket World Cup - Sept 16-20, Insportz, Dubai
16 Indoor cricket matches are 16 overs per side
8 There are eight players per team
9 There have been nine Indoor Cricket World Cups for men. Australia have won every one.
5 Five runs are deducted from the score when a wickets falls
4 Batsmen bat in pairs, facing four overs per partnership
Scoring In indoor cricket, runs are scored by way of both physical and bonus runs. Physical runs are scored by both batsmen completing a run from one crease to the other. Bonus runs are scored when the ball hits a net in different zones, but only when at least one physical run is score.
Zones
A Front net, behind the striker and wicketkeeper: 0 runs
B Side nets, between the striker and halfway down the pitch: 1 run
C Side nets between halfway and the bowlers end: 2 runs
D Back net: 4 runs on the bounce, 6 runs on the full
Bio
Born in Dubai in 1994
Her father is a retired Emirati police officer and her mother is originally from Kuwait
She Graduated from the American University of Sharjah in 2015 and is currently working on her Masters in Communication from the University of Sharjah.
Her favourite film is Pacific Rim, directed by Guillermo del Toro
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Which honey takes your fancy?
Al Ghaf Honey
The Al Ghaf tree is a local desert tree which bears the harsh summers with drought and high temperatures. From the rich flowers, bees that pollinate this tree can produce delicious red colour honey in June and July each year
Sidr Honey
The Sidr tree is an evergreen tree with long and strong forked branches. The blossom from this tree is called Yabyab, which provides rich food for bees to produce honey in October and November. This honey is the most expensive, but tastiest
Samar Honey
The Samar tree trunk, leaves and blossom contains Barm which is the secret of healing. You can enjoy the best types of honey from this tree every year in May and June. It is an historical witness to the life of the Emirati nation which represents the harsh desert and mountain environments
ENGLAND TEAM
England (15-1)
George Furbank; Jonny May, Manu Tuilagi, Owen Farrell (capt), Elliot Daly; George Ford, Ben Youngs; Tom Curry, Sam Underhill, Courtney Lawes; Charlie Ewels, Maro Itoje; Kyle Sinckler, Jamie George, Joe Marler
Replacements: Luke Cowan-Dickie, Ellis Genge, Will Stuart, George Kruis, Lewis Ludlam, Willi Heinz, Ollie Devoto, Jonathan Joseph
Health Valley
Founded in 2002 and set up as a foundation in 2006, Health Valley has been an innovation in healthcare for more than 10 years in Nijmegen, the Netherlands.
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MATCH INFO
Wales 1 (Bale 45 3')
Croatia 1 (Vlasic 09')
