India’s Reliance Industries Ltd (RIL) and Abu Dhabi Chemicals Derivatives Company RSC Ltd (TA’ZIZ) signed a formal shareholder agreement for the TA’ZIZ EDC & PVC project with a total investment of over $2bn (AED7.34bn). TA’ZIZ is a joint venture between Abu Dhabi National Oil Co (ADNOC) and the sovereign wealth fund, ADQ.  The chemical project will be built in TA’ZIZ Industrial Chemical Zone at Ruwais. The project will construct and operate a Chlor-Alkali plant (940k tons capacity) which is used in the production of caustic soda, Ethylene Dichloride (EDC) (1.1mn tons) used in the production of PVC and Polyvinyl Chloride (PVC) (360k tons), used in the manufacturing of pipes, cables, films, window fittings. The production facility will be produced in the UAE for the first time, unlocking new revenue streams and opportunities for local manufacturers. The CEOs of ADNOC and RIL exchanged a signed framework agreement between the companies to explore collaboration in the exploration, development, and production of conventional and unconventional resources in Abu Dhabi and in the decarbonization of operations. RIL also discussed opportunities for partnership and growth in upstream, new energies, and decarbonization across the hydrocarbon value chain. 

Reliance’s dollar bonds were trading higher, its 2.512% 2026s up over 0.3 points to 99.44 yielding 2.67%.

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