17 November 2009 16:40 [Source: ICIS news]
(Adds Bayer's latest share price in final 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." Shares in the company were up 1.90% at €53.19 on Europe's Xetra exchange at 17:14 local time.
To discuss issues facing the chemical industry go to ICIS connect
For the latest chemical news, data and analysis that directly impacts your business sign up for a free trial to ICIS news - the breaking online news service for the global chemical industry.
Get the facts and analysis behind the headlines from our market leading weekly magazine: sign up to a free trial to ICIS Chemical Business.
|ICIS news FREE TRIAL|
|Get access to breaking chemical news as it happens.|
|ICIS Global Petrochemical Index (IPEX)|
|ICIS Global Petrochemical Index (IPEX). Download the free tabular data and a chart of the historical index|