Reliance Industries (RIL) and Abu Dhabi National Oil Company (ADNOC) have signed an agreement to set up the new petrochemical complex.

Abu Dhabi Chemicals Derivatives Company RSC Ltd (TAZIZ) announced that Shaheen Chem Holdings Investment LLC (Shaheen) will join this scheme. Shaheen brings extensive knowledge of the local market and joins the project with a focus on utilizing production for use in local supply chains. The agreement marks the first direct investment by a privately-owned United Arab Emirates (UAE) company in the TA’ZIZ Industrial Chemicals Zone. The chemicals to be produced by the TA’ZIZ EDC and PVC project have a wide range of industrial applications and will create opportunities for export, as well as providing local industry with a source of critical raw materials manufactured in the UAE for the first time.Chlor-Alkali enables the production of caustic soda, crucial to the production of aluminum, and EDC is used in the production of PVC for a wide range of industrial and consumer products including pipes, windows, cables, films and flooring.

Client has signed the formal shareholder agreement with India's oil-to-telecom conglomerate Reliance Industries Limited (RIL) for setting up the Ta'ziz EDC & PVC project. The Ta'ziz EDC & PVC project is making solid progress towards the detailed design phase in advance of the Final Investment Decision (FID) which is expected to be taken later this year.