IPIC, Borealis in Uzbek plant deal

Abu Dhabi, August 21, 2008

International Petroleum Investment Company (IPIC) of Abu Dhabi and Vienna-based Borealis have signed a Memorandum of Understanding on a major fertiliser complex in Uzbekistan.

The two companies have signed the MoU with Uzbekistan's State Joint-Stock Company (Uzkimyosanoat) to conduct a feasibility study for the construction of the world-scale fertilizer complex.

Scheduled to start up in 2012, this would be the largest plant nutrients complex in Central Asia and would comprise an ammonia unit and a urea plant.

The study should be completed by the end of 2008 and will be used as the basis of decision for further project steps in first quarter of 2009.

"We are excited to be partnering with Uzbek side, this MoU reflects the strong trust and relation between the three companies to pursue further opportunities in various fields," said Khadem Al Qubaisi, managing director of IPIC.

"Both IPIC and Borealis see a bright future in partnering with Uzkimyosanoat to tap into Central and Eastern Asia's dynamic growth markets," said Hubert Puchner, vice president, sales and marketing fertilizer and melamine in Borealis.

IPIC is an investment company wholly owned by the Government of Abu Dhabi. For over 20 years IPIC has successfully invested in many projects all over the world.

Borealis is a leading manufacturer of plastics, and 65 per cent of its shares are owned by IPIC. Headquarter of Borealis is located in Vienna.

Tags: IPIC | Borealis | Fertilizer plant | Uzbekistan |