New Chemicals Industrial City in Abu Dhabi
The International Petroleum Investment Company of Abu Dhabi and Borealis AG have signed a MoU with the Abu Dhabi Investment Council for the development of a new Chemicals Industrial City.
By Agencies |
DUBAI: The International Petroleum Investment Company (IPIC) of Abu Dhabi and Borealis AG have signed a memorandum of understanding with the Abu Dhabi Investment Council (ADIC) for the development of a new Chemicals Industrial City.
The multi-billion dollar project to come up in Abu Dhabi, comprises of a world-scale naphtha cracker downstream propylene and ethylene derivatives; a world-scale reformer, xylene, benzene, cumene, phenol and derivatives units, the official Emirates news agency said.
Upon completion of the first phase, expected in 2013, the complex will be the largest and most integrated of its kind in the world, supporting the Abu Dhabi government's strategy of diversifying its economy.
The output from the planned complex will also offer a wealth of new opportunities for further development of the downstream industries in the country.
"This new development brings together three committed partners to achieve a step change in Abu Dhabi's participation in the chemical industry as a testimony of unprecedented growth for the economies of the Middle East in general and for the economy of the UAE in particular," commented Khadem Al Qubaisi, IPIC managing director and deputy board chairman of Borealis.
The multi-billion dollar project to come up in Abu Dhabi, comprises of a world-scale naphtha cracker downstream propylene and ethylene derivatives; a world-scale reformer, xylene, benzene, cumene, phenol and derivatives units, the official Emirates news agency said.
Upon completion of the first phase, expected in 2013, the complex will be the largest and most integrated of its kind in the world, supporting the Abu Dhabi government's strategy of diversifying its economy.
The output from the planned complex will also offer a wealth of new opportunities for further development of the downstream industries in the country.
"This new development brings together three committed partners to achieve a step change in Abu Dhabi's participation in the chemical industry as a testimony of unprecedented growth for the economies of the Middle East in general and for the economy of the UAE in particular," commented Khadem Al Qubaisi, IPIC managing director and deputy board chairman of Borealis.
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