Reliance Industries and Abu Dhabi National Oil Co (Adnoc), a state-run oil company of the UAE, have finalised an agreement for a petrochemical joint venture one and a half years after signing a broad framework agreement, said people in the know.
Mukesh Ambani flagship
RIL
will be investing $1.2-1.5 billion in a factory to manufacture ethylene dichloride (EDC), located next to Adnocs integrated refining and petrochemicals site in Ruwais – the biggest such complex in the Middle East. Adnoc is expected to make a similar investment.
This is likely to be the largest equity investment for Indias largest conglomerate in the region, even as subdued recovery in volumes and margins for both petroleum refining and chemicals on account of the pandemic has plagued players the world over.
