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ADNOC and Reliance Industries Limited Sign Agreement to Explore Development of Ethylene Dichloride Facility in Ruwais

Posted On: 2019-12-10 21:28:51


Agreement underscores companies' shared interest in leveraging the strength of the Ruwais ecosystem to unlock new value creation opportunities in India

Agreement further demonstrates ADNOC's ambition to expand downstream portfolio and international market access as part of its 2030 growth strategy

The Abu Dhabi National Oil Company (ADNOC) signed, today, a Framework Agreement with Reliance Industries Limited (RIL) to explore development of an Ethylene Dichloride facility in Ruwais.

The signing of the agreement was witnessed by His Excellency Dr. Sultan Ahmed Al Jaber, UAE Minister of State and ADNOC Group CEO, and Mr. Mukesh D. Ambani, RIL Chairman and Managing Director. The agreement was signed by Mr. Abdulaziz Alhajri, Executive Director of ADNOC's Downstream Directorate, and Mr. Nikhil R. Meswani, RIL Executive Director.

Under the terms of the agreement, ADNOC and RIL will evaluate the potential creation of a facility that manufactures EDC adjacent to ADNOC's integrated refining and petrochemical site in Ruwais, Abu Dhabi and strengthen the companies' existing relationship supporting future collaboration in petrochemicals.

ADNOC would supply ethylene to the potential joint venture and provide access to world-class infrastructure at Ruwais, while RIL will deliver operational expertise and entry to the large and growing Indian vinyls market, in which it is a key participant.

EDC is a basic building-block for manufacture of PVC, a polymer product in increasingly higher demand globally. PVC plays a critical role in the housing and agriculture sectors, and demand for PVC, particularly in the Indian vinyls market, is expected to grow significantly.

Mr Nikhil Meswani said: "This is a significant step towards Reliance's commitment to pursue backward integration and will pave the way for enhancing PVC capacity in India to cater to the fast growing domestic market. This co-operation ideally combines advantaged feedstock and energy from the UAE with Reliance's execution capabilities and the growing Indian market."

Mr. Abdulaziz Alhajri said: "The agreement with Reliance Industries Limited is a product of our strong relationship, spanning over two decades, and a testament to ADNOC's continued ability to cultivate smart and mutually beneficial international partnerships. We look forward to working closely with RIL to identify opportunities to capitalize on the strengths of the Ruwais ecosystem, while delivering a compelling new commercial platform for satisfying the large Indian PVC market, as well as demand for other fast-growing segments in the region."

Shares of RELIANCE INDUSTRIES LTD. was last trading in BSE at Rs.1562.2 as compared to the previous close of Rs. 1572.55. The total number of shares traded during the day was 209096 in over 8144 trades.

The stock hit an intraday high of Rs. 1574.8 and intraday low of 1554.25. The net turnover during the day was Rs. 326314607.


Source: Equity Bulls

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