Abu Dhabi's International Petroleum Investment Company and Borealis AG have signed a memorandum of understanding along with Abu Dhabi Investment Council to prepare jointly for the first phase of the development of a planned new Chemicals Industrial City to be located in Abu Dhabi.
The multi-billion-dollar project comprises a world-scale naphtha cracker, downstream propylene and ethylene derivatives; a world-scale reformer, xylene, benzene, cumene, phenol and derivatives units. Upon completion of the first phase, expected in 2013, the complex will be the largest in the world.
“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 United Arab Emirates in particular,” commented Mr. Khadem Al Qubaisi, Managing Director of IPIC and Vice Chairman of Board, Borealis. “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.”
"Borealis is pleased to be part of this new initiative in Abu Dhabi as it fits very well into our strategy to develop our base chemicals business significantly," said Mark Garrett, Chief Executive of Borealis. "We are already contributing to the growth of Abu Dhabi and we look forward to participating in this major milestone in the regional and global chemical and petrochemical landscape."
