(Bloomberg) -- Reliance Industries Ltd. is planning to invest in petrochemical facilities in Abu Dhabi as it strengthens energy ties with the Middle East and taps into the region's vast hydrocarbon resources.
The Indian conglomerate plans to join projects at Abu Dhabi National Oil Co.'s Ruwais refining hub to produce chemicals that can be used for infrastructure and consumer goods, according to a statement.
Adnoc, which pumps almost all the oil and gas in the United Arab Emirates, is hoping to attract around $5 billion into Ruwais under a program called Ta'ziz. The country is seeking to boost investments in higher-value petroleum products such as chemicals.
Reliance, the operator of the world's biggest refining complex, and Adnoc signed a framework in 2019 to explore joint investments in petrochemicals.
The Indian company will help construct an plant with the capacity to produce 940,000 tons of chlor-alkali annually, 1.1 million tons of ethylene dichloride and 360 thousand tons of PVC, a type of plastic.
This will be Reliance's first major investment in the Middle East, according to Adnoc.
Read: Reliance to Finalize Tie-Up With Oil Giant Aramco This Year
Reliance, led by Asia's richest person Mukesh Ambani, is also in talks with Saudi Aramco about refining ventures. Ambani expects to finalize a deal this year that will see the Saudi firm invest billions of dollars in Reliance's oil-to-chemicals projects. Aramco's chairman, Yasir Al-Rumayyan, will join Reliance's board, Ambani announced last week.
“His joining our board is also the beginning of internationalization of Reliance,” Ambani said. “You will hear more about our international plans in the times to come.”
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