AgenciesReliance Industries Limited (File Photo) Reliance Industries Limited (RIL) and UAE’s state-run oil giant Abu Dhabi National Oil Company (ADNOC) announced that they will develop a new petrochemical joint venture to produce chlor-alkali, ethylene dichloride and polyvinyl chloride (PVC) production facility at Ta’ziz Industrial Complex in Ruwais. The new unit will annually produce 1.1 million tonnes of ethylene dichloride, 940 thousand tonnes of chlor-alkali, and 360 thousand tonnes of PVC (polyvinyl chloride), Reliance said in a late evening statement on Tuesday. This deal comes to a close nearly 1.5 years after both companies had signed a broad framework agreement and will be the largest investment by the Indian conglomerate in the Middle East, till date. Even though the release did not disclose any investment details and said it will get finalised by 2022, sources in the know said Reliance will be investing upto $1.5 billion in the venture. ET was the first to report this...