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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