President issues law establishing Abu Dhabi National Chemicals Company

Abu Dhabi, February 16, 2009 (WAM) - President His Highness Sheikh Khalifa bin Zayed Al Nahyan, in his capacity as the Ruler of Abu Dhabi, has issued a law setting up the Abu Dhabi National Chemicals Company, as a joint venture in which the International Petroleum Investment Company (IPIC) and Abu Dhabi Investment Council (ADIC) will have shares of 40 percent each and Abu Dhabi National Oil Company (ADNOC) will hold the remaining 20 percent stake, it was disclosed yesterday.
IPIC made the announcement during a Board meeting presided over by its Chairman HH Sheikh Mansour Bin Zayed Al Nahyan, Minister of Presidential Affairs.
In a statement issued after the meeting the IPIC board of directors expressed their gratitude to HH President for his continuous support to the Company, as well as their appreciation to General HH Sheikh Mohammed bin Zayed Al Nahyan, crown prince of Abu Dhabi and deputy supreme commander of the UAE Armed Forces for his assistance and follow up of the company's activities.
The new chemicals company to be set up with a capital of Dh500mn will build the largest and the most integrated chemicals complex in the world. The project will be implemented in a number of phases, the first of which will be a multi-billion dollar Naphtha unit.
The complex slated to begin operations by 2013 will contribute towards achieving the strategy of the government of Abu Dhabi to diversify its revenue. The project will substantially enhance the development of the manufacturing industries in the UAE.
IPIC is wholly owned by the Government of the Emirate of Abu Dhabi. Its mandate is to invest in the hydrocarbons and related sectors. IPIC has become one of the leading companies in the field of petroleum and energy investment since its inception in 1984.
The new company also aims to develop, own and manage an integrated facility which will be later known as 'Chemicals Industrial City'.