Page 32 - Plastics News July 2021

BUSINESS NEWS

CCI approves Summit India's ADNOC and Reliance Partners

VWDNH EX\ LQ 21*& 7ULSXUD for Chemical Projects at TA’ZIZ
in Ruwais
air trade regulator Competition Commission of India
F(CCI) approved the acquisition of 23.5 per cent stake bu Dhabi National Oil
in ONGC Tripura Power Company Ltd by Summit India ACompany (ADNOC) and
(Tripura). The transaction represents a credible business Reliance Industries Limited
opportunity for Summit India (Tripura) as ONGC Tripura (Reliance), has signed an
3RZHU &RPSDQ\ RSHUDWHV D 0: IXOO\ RSHUDWLRQDO agreement to join a new
natural gas based power plant in Palatana, Tripura, worldscale chlor-alkali,
supplying power to the region of North-East India, ethylene dichloride and
DFFRUGLQJ WR D QRWLFH ÀOHG ZLWK WKH UHJXODWRU /D\LQJ polyvinyl chloride (PVC)
down the purpose of proposed transaction, the notice production facility at TA’ZIZ
said Summit India (Tripura) is expected to bring in best LQ 5XZDLV $EX 'KDEL 8QGHU
practices to ONGC Tripura Power Company. "Commission the terms of the agreement,
DSSURYHV SURSRVHG DFTXLVLWLRQ RI HTXLW\ VKDUH TA’ZIZ and Reliance will construct an integrated plant,
capital of the ONGC Tripura Power Company by Summit with capacity to produce 940 thousand tons of chlor-
India (Tripura)," the Competition Commission of India alkali, 1.1 million tons of ethylene dichloride and 360
(CCI) said. Oil & Natural Gas Corporation Ltd. (ONGC), a thousand tons of PVC annually. The project will be
Fortune 500 company of the Government of India, owns constructed in the TA’ZIZ Industrial Chemicals Zone,
VLJQLÀFDQW QDWXUDO JDV UHVHUYHV LQ WKH 1RUWK (DVWHUQ VWDWH ZKLFK LV D MRLQW YHQWXUH EHWZHHQ $'12& DQG $'4 +LV
of Tripura. In order to optimally utilize the gas available ([FHOOHQF\ 'U 6XOWDQ $KPHG $O -DEHU 8$( 0LQLVWHU RI
LQ 7ULSXUD DQG WR VXSSO\ SRZHU WR WKH GHÀFLW DUHDV RI Industry and Advanced Technology and ADNOC Managing
North Eastern States of 'LUHFWRU DQG *URXS &(2 VDLG ´:H DUH GHOLJKWHG WR
India, ONGC along with attract an investor of Reliance’s caliber to partner with
Infrastructure Leasing $'12& DQG $'4 LQ DFFHOHUDWLQJ JURZWK DW 7$·=,= 7KLV
and Financial Services DJUHHPHQW LV D VLJQLÀFDQW PLOHVWRQH DV ZH FRQWLQXH
Limited (IL&FS) and to grow a globally competitive industrial ecosystem
Government of Tripura DQG KLJKO\ DWWUDFWLYH LQYHVWRU YDOXH SURSRVLWLRQ µ
(GoT) formed a Special :HOFRPLQJ WKLV LQLWLDWLYH 5HOLDQFH ,QGXVWULHV &KDLUPDQ
Purpose Vehicle ONGC and Managing Director, Mr. Mukesh D. Ambani, said:
Tripura Power Company :H DW 5HOLDQFH DUH H[FLWHG WR HQWHU LQWR D 6WUDWHJLF
(OTPC) by entering Partnership with ADNOC for establishing a world-class
into a Shareholders’ and world-scale chemical project at TA’ZIZ in Ruwais.
Agreement (SHA) on September 18, 2008 to implement This important milestone further bolsters our long-
D 0: &RPELQHG &\FOH *DV 7XUELQH &&*7 WKHUPDO VWDQGLQJ UHODWLRQVKLS ZLWK $'12& UHDIÀUPLQJ RXU IDLWK
power plant at Palatana, Tripura. The Indian CCGT plant LQ WKH JOREDO YLVLRQ RI WKH 8$(·V ZLVH OHDGHUVKLS ,W LV
FRQVLVWV RI WZR 0: )UDPH ,; FRPELQHG F\FOH JDV also yet another testimony to the enormous potential in
WXUELQHV :LWK FRQYHUVLRQ HIÀFLHQF\ EHWZHHQ DQG DGYDQFLQJ ,QGLD 8$( FRRSHUDWLRQ LQ YDOXH HQKDQFHPHQW
WKH WXUELQHV FRQVXPH OHVV JDV SHU XQLW RI HQHUJ\ in the energy and petrochemicals sectors. ADNOC is
generated. Fuel requirements for the project are met gearing up for growth with TA’ZIZ, the world-scale
WKURXJK 21*&·V JDV ÀHOGV LQ 7ULSXUD $ JDV VDOH DQG chemicals production hub and industrial ecosystem
purchase agreement was made between ONGC and OTPC based in Ruwais, with investment in excess of AED 18
IRU WKH VXSSO\ RI ÀYH PLOOLRQ VWDQGDUG FXELF PHWUHV RI JDV billion and a number of further growth projects in the
a day to the power plant. downstream and industry sector.

Plastics News July 2021 32