Reliance Industries Ltd. is set to invest in petrochemical facilities in Abu Dhabi, according to people familiar with the matter, as it strengthens energy ties with the Middle East.
The Indian conglomerate plans to join projects at Abu Dhabi National Oil Co.’s Ruwais refining hub, the people said. India’s Economic Times, which first reported the news, said the investment will amount to as much as $1.5 billion and may be announced as soon as Tuesday.
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, 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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