26 December 2013 20:47 [Source: ICIS news]
HOUSTON (ICIS)--Abu Dhabi National Chemicals (ChemaWEyaat) and Indorama Ventures have signed an agreement to develop the Tacaamol Aromatics Plant on Madeenat ChemaWEyaat Al Gharbia’s (MCAG) site in western Abu Dhabi in the United Arab Emirates, the companies announced on Thursday.
ChemaWEyaat will hold a 51% stake in the joint venture, with Thailand-based producer Indorama holding the other 49% in the company, to be known as Abu Dhabi Chemicals Integration Company, or Tacaamol, the companies said in a news release.
The aromatics plant is expected to have a nameplate capacity of 1.4m tonnes/year of paraxylene (PX) and 500,000 tonnes/year of benzene.
No details about the timeline for the project or the costs were disclosed.
“We are very excited about this venture with ChemaWEyaat, which represents our maiden entry into the Gulf region,” said Aloke Lohia, group CEO of Indorama Ventures. “It heralds long-term business success for Tacaamol. Both parties will contribute their expertise and resources, optimising the benefits that Abu Dhabi offers to create a world-class aromatics chain industry that will result in sustainable economic and social development.”
“We welcome Indorama Ventures to Abu Dhabi and have full confidence in the future success of the Tacaamol Aromatics Plant,” said Ahmed Saeed Al Mheiri, ChemaWEyaat’s CEO. “The teams of both parties have worked hard to reach this stage, and we look forward to their continued spirit of cooperation during project implementation and the establishment of future operations.”
ChemaWEyaat was established in November 2008 to further develop Abu Dhabi’s domestic chemicals industry. ChemaWEyaat is jointly owned by and International Petroleum Investment Company (IPIC), the Abu Dhabi Investment Council and Abu Dhabi National Oil Company (ADNOC).
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