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Reliance Industries Ltd and the Abu Dhabi National Oil Co. (ADNOC) have agreed to build a $2bn petrochemical plant in the UAE. In a statement released, it was mentioned that the collaboration will see the establishment of a joint venture at Ta’ziz, the chemicals and industrial complex under development at Ruwais. The agreement builds onto a 2019 framework deal to cooperate on petrochemicals, and a 2021 deal to collaborate at the Ruwais refining hub in Abu Dhabi.

Reliance’s dollar bonds were stable, with its 2.512% 2026s at 100.219.

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