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.
More Industry, Logistics & Shipping Stories
- Cargo summit calls for cut in transit times
- Dubai bus fare cheapest among top cities
- DHL Express boosts Mideast fleet
- DNV to re-certifiy Drydocks World services
- Amphibious boats make global debut in Dubai
- Qatar sets up mixed business incubator
- Non-oil sectors ‘biggest contributors to UAE economy’
- Alba educates customers on best practices
- Spinneys to set up distribution centre at Kizad
- Maritime courses draw more trainees
- Dow to showcase at Dubai coatings expo
- UAE aluminium sector backs Syria refugees
- Asry in big vessel repair milestone
- Flare, Jordan form parent company ‘Aereon’
- Drydocks delivers second MCV for US
- ASIS launches amphibious leisure boat
- Taskforce sought to develop Saudi downstream sector
- DP World launches $200m India project
- RAK 'exploring' ceramics unit stake sale
- Mideast carriers top global air freight growth
- DMCA launches maritime solution apps
- Saudi plans oil-to-chemicals plant at Yanbu
- Sabic gets four bids for JV with Mitsubishi Rayon
- Pentair, IDC launch industrial services JV
- Major maritime conference to be held in Dubai
- GPIC wins key IFA certification
- Gulf rules must aid e-commerce: Aramex
- Gulftainer expands 2013 ops by 50pc
- DMCA to take part in Dubai boat show
- Al Namal to launch eco-friendly chillers