Manufacturing Industry
UAE: Joint venture construction plans for proposed $1,000,000,000 downstream petrochemical complex move ahead, CHINESE PETROLEUM CORP. (CPC) (Taiwan) & ABU DHABI NATIONAL OIL CO. (ADNOC) [UAE] Order #: 107406.
WWP- Report on Oil Gas & Petrochemicals in the Developing World, October, 2006
PROJECT OVERVIEW
An Emirates/Taiwanese joint venture is soon expected to sign an agreement regarding the construction of a downstream petrochemical complex in the UAE. The partners in the planned undertaking and their respective shareholdings include the local ABU DHABI NATIONAL OIL CO. (ADNOC), which is expected to hold a majority stake in the venture, and Taiwan-based CHINESE PETROLEUM CORP. (CPC).
As things currently stand, a project feasibility study is scheduled to be completed in about 2 months. The plan reportedly fits CPC's goal of expanding production outside the fuel-oil segment to increase profitability. According to Pan Wenent, CPC Chairman, the venture is intended to enable the manufacture petrochemical intermediates.
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