Abu Dhabi’s IPIC plans Kazakh petrochemical plant

09 January 2008 07:59  [Source: ICIS news]

DUBAI (ICIS news)--Abu Dhabi’s International Petroleum Investment Company (IPIC) and Kazakhstan's KazMunaiGas have signed a memorandum of understanding (MoU) over the construction of a petrochemicals complex in western Kazakhstan, IPIC said late on Tuesday.

A feasibility study on the project was under way and the two companies had agreed to exchange expertise and technology on the potential project, IPIC added but failed to disclose any financial details.

The total worldwide investment of IPIC, the state enterprise responsible for foreign investments in the oil and chemicals sector, is valued at $11bn and it earlier announced it would almost double that to $20bn in the next five years.

KazMunaiGas is Kazakhstan's biggest oil and gas company and a major player in the field of discovery of new natural resources.

By: Abdelghani Henni
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