ABU DHABI HAS officially launched the company that will oversee the development of the world’s largest petrochemicals complex, the first phase of which is expected to cost up to US$20 billion. According to the state news agency, WAM, the petrochemical development will fall under a new stateowned company,
Abu Dhabi National Chemicals Company, or Chemaweyaat.
The company was set up after a decree by Sheikh Khalifa bin Zayed, the President of the UAE, with initial capital of US$136mn. International Petroleum Investment Company (IPIC), will take 40 per cent, Abu Dhabi Investment Council 40 per cent and Abu Dhabi National Oil Company 20 per cent of the firm. Chemaweyaat Industrial City will be an integrated chemicals development located in the Mina Khalifa Industrial Zone in Abu Dhabi’s Taweelah area. The first phase is set to begin production by 2014 and will require US$15 billion to US$20 billion of investment.
