"The new joint venture (JV) will construct and operate a chlor-alkali, ethylene dichloride (EDC), and polyvinyl chloride (PVC) production facility, with an investment of more than $2 billion," stated the RIL statement.
This is the first investment by RIL in the region, the statement added. This is in line with RIL's announcement to invest in West Asia when its oil-to-chemicals stake sale deal with Saudi Aramco was put on the back burner.
According to RIL executives, the equity structure of TAʼZIZ EDC & PVC has not been finalised yet.
The TA'ZIZ Industrial Chemicals Zone project is currently in the design phase, with project startup targeted in 2025. It represents the first production of these chemicals in the United Arab Emirates.
This story is from the December 08, 2021 edition of Business Standard.
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This story is from the December 08, 2021 edition of Business Standard.
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