Reliance plans petrochemical unit in Abu Dhabi

Reliance Industries, run by Mukesh Ambani, India’s richest man, is planning to start its first venture in the Gulf region.

The oil-to-telecom conglomerate has entered into an agreement with TA’ZIZ – a joint venture between Abu Dhabi state energy giant ADNOC and state holding company ADQ. They will jointly invest US$2 billion to set up a petrochemical production facility in the United Arab Emirates.

However, Reliance officials said the equity structure of TA’ZIZ EDC & PVC had not been finalized.

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