Bazan signs MOU with UAE-based Mazrui to import polymers to Israel

The joint venture is the result of the many lucrative business opportunities created by normalization of ties between Israel and the UAE.

By JERUSALEM POST STAFF
Containers are seen in this general view of the port of the northern city of Haifa April 23, 2013. (photo credit: REUTERS/Ronen Zvulun)
Containers are seen in this general view of the port of the northern city of Haifa April 23, 2013.
(photo credit: REUTERS/Ronen Zvulun)
Israeli firm Bazan has signed a Memorandum of Understanding (MoU) with Emirati company Mazrui International, allowing it to import polymers not made in Israel to market them domestically, as well as in Europe and the US.
The MoU establishes a joint venture company between Bazan and Mazrui, which work to import and sell different polymers, such as high-density polyethylene (HDPE) and linear low-density polyethylene (LLDPE), neither of which are produced in Israel.
The agreement comes amid official normalization of ties between Israel and the United Arab Emirates, which has prompted numerous lucrative business opportunities on both sides.
"This MoU for a joint venture is a historic joint-venture agreement for Israeli industry and for a strong economy in the North – all the way from the Gulf of the United Arab Emirates to Haifa Bay," Bazan chairman Ovadia Eli said in a statement.
"The [Abraham Accords are] already bearing economic fruits for both peoples and a [are making a] contribution to the Israeli economy."
"Relations with the UAE, which has an advanced petrochemicals industry, has enormous potential – and at Mazrui International Ltd., we have found true partners in the vision and the way, and the right partner to maximize all opportunities to the fullest,” Bazan CEO Moshe Palinsky explained.
“Bazan has earned an enviable reputation for innovation and growth over its long history as one of the largest integrated energy groups, operating primarily in the production of petroleum products, polymers and aromatic compounds," explained Mazrui chairman Abdullah Mazrui.
"Similarly, Mazrui International is a leader in the UAE energy sector and the trusted partner for international companies seeking to do business with or invest in the region," he said. "I am delighted that two such progressive and performance-driven organizations will set up this exciting joint venture to support their shared vision of the future, leveraging Mazrui’s strong commercial relationships to enhance trade between the UAE and Israel.”
“This agreement between the UAE and Israel is a true testament to the economic opportunities that the Abraham [Accords] brings to our two countries and the region," explained UAE Minister of State for Foreign Trade Dr. Thani bin Ahmed al-Zeyoudi.
"The UAE looks forward to working with the Israeli business community and to deepen economic ties through trade and investment.”