Reliance to Build $2b Chemical Plant in Abu Dhabi
Reliance Industries, owned by billionaire Mukesh Ambani, has agreed to invest $2 billion in a petrochemical plant in Abu Dhabi with Abu Dhabi National Oil Company (ADNOC).
Reliance will build a world-scale petrochemicals factory in Ruwais, about 240 kilometers west of Abu Dhabi, with ADNOC and the UAE sovereign wealth fund ADQ.
“Our work at Ta’ziz highlights the importance of industrial and energy cooperation in strengthening deep-rooted ties between the UAE and India,” said Al Jaber, minister of industry and advanced technology and ADNOC Group CEO. The relationship and progress at Ta’ziz will be expanded to further open doors and encourage UAE industrial and manufacturing growth.
It will generate chemicals such as chlor-alkali, ethylene dichloride, and polyvinyl chloride. As part of efforts to produce higher-value petroleum products for domestic consumption as well as export to Southeast Asia and Africa, the UAE is building the Ta’ziz industrial complex.
Mukesh Ambani signed the shareholder’s agreement with Al Jaber at the ADNOC headquarters in Abu Dhabi.
Mukesh Ambani also met Masdar CEO Mohamed Jameel Al Ramahi to discuss joint renewable energy and green hydrogen projects. Masdar is leading the UAE’s ambitious clean energy initiative.
Led by Ambani, who made his fortunes from oil refining and petrochemicals, Reliance is investing $80 billion to transform India’s biggest conglomerate by market cap into a green energy company. According to Forbes’ Real-Time Billionaires List, Ambani has a net worth of $106 billion. He also has interests in telecommunications and retail.