New Delhi, Abu Dhabi Chemicals Derivatives Company RSC Ltd (TA'ZIZ) and Reliance Industries Ltd (RIL) have signed the formal Shareholder Agreement for the TA'ZIZ EDC & PVC project.

Reliance is India's largest diversified conglomerate and a strategic partner with Abu Dhabi National Oil Company (ADNOC) and ADQ, an Abu Dhabi-based investment and holding company, in TA'ZIZ EDC & PVC, a world-scale chemicals development at the TA'ZIZ Industrial Chemicals Zone in Ruwais.

The TA'ZIZ EDC and PVC joint venture will construct and operate a Chlor-Alkali, Ethylene Dichloride (EDC) and Polyvinyl Chloride (PVC) production facility, with a total investment of over $2 billion. These chemicals will be produced in the UAE for the first time, unlocking new revenue streams and opportunities for local manufacturers to "Make it in the Emirates".

The formal shareholder agreement was signed by senior executives during a visit of Mukesh Ambani, Chairman and Managing Director of Reliance, to the ADNOC headquarters, a statement said.

During the visit, Ambani met Sultan Al Jaber, Minister of Industry and Advanced Technology and ADNOC Managing Director and Group CEO, and discussed opportunities for partnership and growth in upstream, new energies and decarbonisation across the hydrocarbon value chain.

"I am happy to see the quick progress made by The TA'ZIZ EDC and PVC joint venture between Reliance Industries Ltd and TA'ZIZ in a short time. 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," Ambani said.

"I am looking forward to implementation of the project at an accelerated pace, taking a step further in enhancing lives of our people in the region."

Al Jaber said: "Reliance is a valued strategic partner and our collaboration at TA'ZIZ underscores the important role of industrial and energy cooperation as a means of strengthening the deep-rooted and friendly ties between the UAE and India."