Taiwan's state-owned refiner Chinese Petroleum Corp. and Abu Dhabi National Oil Company (Adnoc) plan to jointly invest US$1 billion in a downstream petrochemical facility in Abu Dhabi.
A feasibility study for the project is currently underway, and the two partners are expected to sign an agreement within a couple of months. The plan suits the ideology of both the partners- the UAE's strategy of building a local petrochemical production base and CPC's goal of expanding production outside the fuel-oil segment to increase profitability. The two companies held talks on a potential $6 billion joint investment in Abu Dhabi including a refinery, a cracker and downstream facilities.
11-Aug-06 
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