Reliance joined hands with Abu Dhabi National Oil Company (Adnoc) for a petrochemical joint venture. The deal was done earlier, which is now in the final stage. Ethylene dichloride (EDC) will be made under this project.
Agreement between Reliance and Adnoc
Mukesh Ambani, the country’s richest person and owner of Reliance Industries, after strengthening his hold in telecom and retail, is now ready to show his strength in the field of petrochemicals as well. Due to this, Reliance joined hands with the UAE government company Abu Dhabi National Oil Company (Adnoc) for a petrochemical joint venture. According to sources, the deal has almost reached the final stage. According to sources, its formal announcement can be made in Abu Dhabi this week. Let us tell you that both the companies had signed the Broad Framework Agreement a year and a half ago.
Government officials say that this joint venture will further strengthen the relationship between India and the UAE in the energy sector. Since the UAE is the fifth largest exporter of oil. Whereas India is the third largest importer and consumer of oil in the world. Reliance’s deal with Adnoc has potential for growth. It is to be known that this company is the first foreign partner in India’s Strategic Petroleum Reserve Program. It is also a stakeholder in the proposed refinery-petrochemicals project in Ratnagiri, Maharashtra.
Preparation to build an international base in UAE
Reliance wants to make its international base in UAE. For this she is planning. Sources say that the company wants to take advantage of the liberal tax policies there, for this purpose the company is engaged in preparing a strategy. Through this agreement, a factory will be set up near Adnoc’s Integrated Refining and Petrochemicals site in the UAE. Reliance will invest 1.2 to 1.5 billion dollars in this. This will be Reliance’s biggest investment in the Middle East.
Ethylene dichloride (EDC) will be made in it. Ethylene dichloride is used to make polyvinyl chloride (PVC), which is used in housing, agriculture and many other sectors.
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