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TA’ZIZ and Reliance Sign Shareholder Agreement for Ruwais Chemicals Project

4/26/2022

Press Release- Reliance Industries Limited

Reliance Industries Limited, India’s largest diversified conglomerate, is partnering with
ADNOC and ADQ in the TA’ZIZ Industrial Chemical Zone at Ruwais

Shareholder agreement for the $2 billion+ TA’ZIZ EDC & PVC joint venture signed
as the project progresses towards detailed design phase ahead of expected
Final Investment Decision later this year

TA’ZIZ EDC & PVC will produce Chlor-Alkali, Ethylene Dichloride and Polyvinyl Chloride for
the first time in the UAE, unlocking new revenue streams and opportunities
for local manufacturers to “Make it in the Emirates”

ADNOC and Reliance sign new strategic agreement on
Upstream collaboration and decarbonization of operations

Masdar and Reliance discuss collaboration in new energies as UAE and India
seek to grow their leadership positions in renewable energy and green hydrogen

Abu Dhabi, UAE / Mumbai, April 26, 2022: Abu Dhabi Chemicals Derivatives Company RSC Ltd
(TA’ZIZ) and Reliance Industries Limited (RIL), have signed the formal Shareholder Agreement for the
TA’ZIZ EDC & PVC project. Reliance is India’s largest diversified conglomerate and a strategic partner
with Abu Dhabi National Oil Company (ADNOC) and ADQ, an Abu Dhabi-based investment and
holding company, in TA’ZIZ EDC & PVC, a world-scale chemicals development at the TA’ZIZ Industrial
Chemicals Zone in Ruwais.

The TA’ZIZ EDC & PVC joint venture will construct and operate a Chlor-Alkali, Ethylene Dichloride
(EDC) and Polyvinyl Chloride (PVC) production facility, with a total investment of over $2 billion (AED
7.34 billion). These chemicals will be produced in the UAE for the first time, unlocking new revenue
streams and opportunities for local manufacturers to “Make it in the Emirates.”
The formal shareholder agreement was signed by senior executives during a visit of Mr. Mukesh
Ambani, Chairman and Managing Director of Reliance, to ADNOC headquarters. During the visit, Mr.
Ambani met with His Excellency Dr. Sultan Al Jaber, Minister of Industry and Advanced Technology
and ADNOC Managing Director and Group CEO, and discussed opportunities for partnership and
growth in Upstream, new energies and decarbonization across the hydrocarbon value chain.

H.E. Dr. Al Jaber and Mr. Mukesh Ambani exchanged a signed framework agreement between
ADNOC and Reliance to explore collaboration in the exploration, development and production of
conventional and unconventional resources in Abu Dhabi as well as in decarbonization of operations,
including in carbon dioxide (CO2) sequestration. Mr. Mukesh Ambani was also briefed on the 28th
session of the Conference of the Parties (COP28) which is being held in the UAE in 2023.
H.E. Dr. Al Jaber, said: “Reliance is a valued strategic partner and our collaboration at TA’ZIZ
underscores the important role of industrial and energy cooperation as a means of strengthening the
deep-rooted and friendly ties between the UAE and India. We are building on this partnership and the
progress at TA’ZIZ to unlock more opportunities to drive the UAE’s industrial and manufacturing growth,
while advancing cooperation on decarbonization, new energies and upstream production.”
The TA’ZIZ EDC & PVC project is making solid progress towards the detailed design phase in advance
of the Final Investment Decision (FID) which is expected to be taken later this year.

Mr. Mukesh Ambani, said: “I am happy to see the quick progress made by The TA’ZIZ EDC and PVC
joint venture between Reliance Industries Limited and TA’ZIZ in a short time. This joint venture is a
testimony to the strong and growing ties between India and the UAE and will be a benchmark for more
such projects built on strengths of the two nations. I am looking forward to implementation of the project
at an accelerated pace, taking a step further in enhancing lives of our people in the region.”
The TA’ZIZ EDC & PVC project is well positioned to strengthen domestic supply chains and support
the UAE’s national strategy to empower the industrial sector and become the driving force of a dynamic
and robust domestic economy over the next 50 years. It is anticipated that the TA’ZIZ complex will
benefit from the free trade agreement between India and the United Arab Emirates, which was signed
in February of this year. Bilaterial trade between both nations will be boosted as new trade and
development opportunities, such as TA’ZIZ, are further unlocked.
Mr. Mukesh Ambani also met with Mohamed Jameel Al Ramahi, CEO of Masdar, to explore potential
opportunities for collaboration in renewable energy and green hydrogen, both of which are key priorities
for the UAE and India. Mr. Mukesh Ambani was briefed on the UAE’s ambitious plans to grow its world

leading renewable energy portfolio and strengthen its clean hydrogen production capabilities, as
described in the country’s “Hydrogen Leadership Roadmap.” In December 2021, it was announced
that the UAE will create a global clean energy powerhouse, under the Masdar brand, consilidating the
efforts of ADNOC, TAQA and Mubadala in renewable energy and green hydrogen to create a new
world-class entity.

During his visit in Abu Dhabi, Mr. Mukesh Ambani was briefed on strong progress made at the TA’ZIZ
Industrial Chemicals Zone. The development of TA’ZIZ continues at pace, supporting the UAE’s
national strategy to empower its industrial sector, driving growth and diversification of the country’s
economy for many years to come.

Chemicals is a priority sector for the UAE’s industrial growth strategy, championed by the Ministry of
Industry and Advanced Technology. The chemicals set to be produced by the TA’ZIZ EDC & PVC joint
venture with Reliance have a wide range of industrial applications, enabling local supply chains and
meeting growing demand in key export markets. Chlor-Alkali enables the production of caustic soda,
crucial to the alumina refining process. EDC is used in the production of PVC, which is used to
manufacture a wide range of industrial and consumer products including pipes, windows fittings,
cables, films and flooring.

The production of Chlor-Alkali, EDC, and PVC will create opportunities for export to target markets in
Southeast Asia and Africa, as well as providing local industry with a source of critical raw materials
manufactured in the UAE for the first time, strengthening In-Country Value. Final Investment Decision
for the chemical project is expected later this year and is subject to relevant regulatory approvals.