Adnoc announced on 12 June that local firm Shaheen Chem Holdings is to join the proposed chlor-alkali, ethylene dichloride and polyvinyl chloride (PVC) production facility at the Ta’ziz Industrial Chemicals Zone at Ruwais in Abu Dhabi. The $2bn project is a partnership between India’s Reliance Industries and the Ta’ziz joint venture between Adnoc and Abu Dhabi state holding firm ADQ.
Adnoc says that “Shaheen brings extensive knowledge of the local market and joins the project with a focus on utilizing production for use in local supply chains. The agreement marks the first direct investment by a privately-owned UAE company in the Ta’ziz Industrial Chemicals Zone.” The planned involvement of local firms is a key element of Ta’ziz, and in December Adnoc announced that eight local investors had signed up to take up to 20% in the $4bn Ta’ziz Industrial Chemicals Zone (MEES, 17 December 2021). (CONTINUED - 295 WORDS)