Abu Dhabi, Feb 15th, 2009 His Highness Sheikh Khalifa bin Zayed Al Nahyan has issued a law to setup the Abu Dhabi National Chemicals Company, as a joint venture in which the International Petroleum Investment Company (IPIC) and Abu Dhabi Investment Council (ADIC) will have shares of 40 percent each and Abu Dhabi National Oil Company (ADNOC) will hold the remaining 20 percent stake, this was disclosed today.
International Petroleum Investment Company (IPIC) made this announcement during a Board meeting presided over by its Chairman HH Sheikh Mansour Bin Zayed Al Nahyan, Minister of Presidential Affairs.
The new chemicals company to be set up with a capital of AED 500mn will build the largest and the most integrated chemicals complex in the world. The project will be implemented in a number of phases, the first of which will be a multi-billion dollar Naphtha unit.
The complex slated to begin operations by 2013 will contribute towards achieving the strategy of the government of Abu Dhabi to diversify its revenue. The project will substantially enhance the development of the manufacturing industries in the UAE.
IPIC is wholly owned by the Government of the Emirate of Abu Dhabi. Its mandate is to invest in the hydrocarbons and related sectors. IPIC has become one of the leading companies in the field of petroleum and energy investment since its inception in 1984.
The new company also aims to develop, own and manage an integrated facility which will be later known as ‘Chemicals Industrial City‘.
For further information, please contact:
Kerstin Meckler
Group Media Relations Manager, Borealis
+43 122 400 389
kerstin.meckler@borealisgroup.com
Mohamed Al Shelbi
IPIC Administration Manager
+971 2 6336 555,
mshebli@ipic.ae
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Assalammualaikum,,
Congratulation for all
This is amazing!!! The petrochemical will be come the biggest petrochemical complex in the world……if you are pleasure…I would like to be a small part of this company.
Thank to Allah…if my dream be come true……
Warm Regards
From Indonesia,
Puji Harjono
Today I met Mr M Shebli at Prince Court Wellness Centre in Kuala Lumpur. Had a good sharing on IPIC and my current job in an engineering firm in oil and gas industry in Malaysia. I was in Dubai and Abu Dhabi giving lecture on maintenance and reliability and really impressed with UAE.
IPIC is a big investmnet company Alhamdulillah..would suggest to invest in Malaysia.
Would suggest also IPIC buy most profitable Tioxide pigment plant in Malaysia as one of their immediate investment here. The plant is good, competent person operating and maintaining the plant. Good for future extension- one train of chloride process pigment plant.
regards and salam to all incoming investors to Malaysia.
mahmoodazmyms@yahoo.com