UAE plans a city for chemicals industryMarch 20th, 2008 - 12:42 pm ICT by admin
Abu Dhabi, March 20 (IANS) The United Arab Emirates (UAE) based International Petroleum Investment Company (IPIC) and Borealis AG of Austria plan to set up a ‘Chemicals Industrial City’ here, WAM news agency reported Thursday. A memorandum of understanding (MoU) for starting the first phase of the planned city was signed between the two companies and the Abu Dhabi Investment Council (ADIC) Wednesday.
The multi-billion dollar project would comprise of hydrocarbon processing plants including naphtha cracker units.
Upon completion of the first phase in 2013, the project would support Abu Dhabi government’s strategy of diversifying its economy. The output from the planned complex would also offer opportunities for development of other industries in the country.
“With this exciting new venture, we will become an industry model for chemical integration while helping support the goals of the Abu Dhabi government to diversify its economy,” said Khadem Al Qubaisi, IPIC managing director and deputy board chairman of Borealis.
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