17 November 2009 14:10 [Source: ICIS news]
LONDON (ICIS news)--Abu Dhabi’s International Petroleum Investment Company (IPIC) is aiming to triple in size over the next five years through acquisitions and organic growth, its managing director said on Tuesday.
Khadem Al Qubaisi said he wanted to increase the firm’s production capacity from roughly 10m tonnes/year today to 30m tonnes/year within five years, making it a global leader in petrochemical production.
“I want IPIC to be a multinational hub for the petrochemicals industry. I’m looking to grow organically through my companies such as [Austrian polyolefins group] Borealis and [?xml:namespace>
“There will be more plants in
Al Qubaisi revealed earlier on Tuesday that IPIC expects to acquire a major European petrochemical company by the first quarter of 2010.
He said there would inevitably be a shift in ownership and production from Europe and the
“In the Middle East we’ve got the feedstocks and markets not far away such as
He said IPIC was committed to maintaining its European manufacturing sites: “Our policy at Borealis is to restructure existing sites, with any expansions happening in
IPIC would allow its acquisitions to maintain their identities and would not merge them, Al Qubaisi said.
“Different companies have different technologies, different marketing styles. NOVA won’t lose its identity as we don’t want problems with competition authorities and so on. Everything will remain as it is. We are not thinking about merging or consolidating these companies.”
This year it acquired 100% of NOVA Chemicals.
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