17 November 2009 15:26 [Source: ICIS news]
(Adds Bayer comment in last paragraph)
By Will Beacham
LONDON (ICIS news)--International Petroleum Investment Company (IPIC) is in talks with five major petrochemical players in the ?xml:namespace>
Khadem Al Qubaisi said technology from the new company would be used to develop petrochemical projects in
“It’s a big deal. We’re looking to buy a very big petrochemical company in
He added: “We are reviewing five opportunities. We’ve signed confidentiality agreements with most of these companies but they are well known petrochemical companies. They are global companies.”
Al Qubaisi said technology from the new acquisition would be used to help develop production at the Chemaweyaat chemical city in the new Mina Khalifa Industrial Zone located in
“We want to select the right player with the right technology. We want to bring this company to
The first phase of the city includes a 1.45m tonne/year ethylene cracker, and is projected to begin production in 2014. Technology from the new acquisition would help develop further phases of Chemaweyaat, he added.
Al Qubaisi said the next stages of construction could involve the production of aromatics and phenol. “Phase 2 and 3 depends on the market and what happens to our economy here and worldwide.”
A Bayer spokesman said: "We generally do not comment on market rumours."
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