UAE plans largest petrochemical complex in world

DIVERSIFYING ECONOMY: Abu Dhabi plans to develop the world’s largest petrochemical complex. (Getty Images)

Abu Dhabi plans to develop the world’s largest petrochemical complex as the emirate looks to further diversify its economy, companies involved in the project said on Wednesday.

The "multi-billion dollar" Chemical Industrial City, as it will be known, will include cracking and reforming units to process petrochemical feedstock naphtha.

Abu Dhabi's International Petroleum Investment Company (IPIC) has signed a memorandum of understanding (MoU) with Austria-based plastics producer Borealis to develop the project's first phase, scheduled for completion in 2013.

The Abu Dhabi Investment Council (ADIC) has also signed the MoU.

IPIC owns 65% of Borealis, while Austria's OMV owns the rest. Borealis is a joint partner with state-run Abu Dhabi National Oil Company (Adnoc) in UAE based petrochemical producer Borouge.

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