Reliance Industries Ltd aims to get the first cargo of oil from its new Abu Dhabi-based trading unit in December. The Indian conglomerate aims to get about a 500,000 barrels of cargo of United Arab Emirates’ Das crude from ADNOC.
Abu Dhabi National Oil Co (ADNOC) supplied one million barrels of Das crude from the cavern to Reliance in October and 2 million barrels in November, trade data shows
Reliance Industries (RIL) and Abu Dhabi National Oil Company (ADNOC) have signed an agreement to set up a new petrochemical complex in Ruwais, Abu Dhabi, to produce chlor-alkali, ethylene dichloride, and polyvinyl chloride (PVC).
Under the terms of the agreement, this integrated plant will have a capacity to produce 940,000 tonnes of chlor-alkali, 1.1 million tonnes of ethylene dichloride, and 360,000 tonnes of PVC annually, RIL said in a statement on Tuesday. It is estimated that the project would cost upwards of Rs 30,000 crore.
The agreement continues the momentum of ADNOC’s downstream and industry growth plans in line with ADNOC’s 2030 strategy. Since 2018, ADNOC has attracted significant foreign direct investment from international partners in the downstream business including refining, fertilizers and gas pipelines.
Welcoming this initiative, Reliance Industries Chairman and Managing Director, Mr. Mukesh D. Ambani, had said, “This is a significant step in globalizing Reliance’s operations, and we are proud to partner with ADNOC in this important project for the region.”
Chlor-alkali is used in water treatment and in the manufacture of textiles and metals. Ethylene dichloride is typically used to produce PVC. PVC has a wide range of applications across housing, infrastructure and consumer goods. The market for these chemicals is expected to enjoy steady growth supported by the needs of growing demand, particularly in Asia and Africa. Production of these chemicals will create opportunities for local industry to source critical raw materials in the UAE for the first time, creating additional opportunities for In-County Value. For example, chlor-alkali will enable production of caustic soda, essential for the production of aluminum. Ethylene dichloride and PVC have a wide range of applications across housing, infrastructure and consumer goods.