ABU DHABI: Abu Dhabi has set up a petrochemicals firm with capital of AED500 million to build the world's largest petrochemical complex, the state news agency WAM said on Sunday.
The complex slated to begin operations by 2013 will contribute toward achieving the strategy of the government of Abu Dhabi to diversify its revenue. It will substantially enhance the development of the manufacturing industries in the UAE. The project will be implemented in a number of phases, the first of which will be a multi-billion dollar Naphtha unit. "The new chemicals company, to be set up with a capital of AED500 million, will build the largest and the most integrated chemicals complex in the world," WAM added.
President Sheikh Khalifa bin Zayed Al-Nahyan, in his capacity as the ruler of Abu Dhabi, has issued the law setting up 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, WAM added.
