IPIC seeks to bring Nova Chemicals to Abu Dhabi

15-Apr-11
International Petroleum Investment Company (IPIC) is seeking to bring Nova Chemicals to Abu Dhabi, as it switches focus to the domestic petrochemical industry. Abu Dhabi is embarking on a US$20 billion (Dh73.45 bln) investment in petrochemicals by building a chemical city known as ChemaWEyaat in the Western Region. The aim is to add value to the oil and gas industries and diversify the structure of the economy. IPIC is a 40% shareholder in ChemaWEyaat, and also owns several other ventures including Nova Chemicals in Canada, which it bought in July 2009, and a 64% stake in Borealis, a chemicals company based in Austria. IPIC plans to consolidate Nova and Borealis. "In the near term, we're looking to consolidate the two companies together and bring Nova to Abu Dhabi to do some projects with Adnoc [the Abu Dhabi National Oil Company] and ChemaWEyaat," said Mr al Qubaisi.
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