Reliance Industries gains after signing pact to to invest in Abu Dhabi petrochemical hub
A company statement said the oil-to-telecom conglomerate will join Abu Dhabi National Oil Co's Ruwais project
Shares of Reliance Industries traded higher on Wednesday after the company announced that it has signed a pact to invest an undisclosed amount in a petrochemicals hub in Abu Dhabi. The scrip traded 0.83% higher at Rs 2,104 at around 11.50 am (IST). On the other hand, the benchmark BSE Sensex was up 274 points, or 0.52%, at 52,824 at around the same time.
A company statement said the oil-to-telecom conglomerate will join Abu Dhabi National Oil Co’s Ruwais project. “Abu Dhabi National Oil Company (ADNOC) today (June 29) announced that Reliance has signed an agreement to join a new world-scale chlor-alkali, ethylene dichloride and polyvinyl chloride (PVC) production facility at TA’ZIZ in Ruwais, Abu Dhabi,” the statement said.
It, however, did not give details of the investment made.
“The agreement capitalizes on growing demand for these critical industrial raw materials and leverages the strengths of ADNOC and Reliance as global industrial and energy leaders.
“The project will be constructed in the TA’ZIZ Industrial Chemicals Zone, which is a joint venture between ADNOC and ADQ,” the statement added.