International Petroleum Investment Company (Ipic) is seeking to bring Nova Chemicals to Abu Dhabi, as the government-owned company switches focus to the domestic petrochemical industry.
Abu Dhabi is embarking on a US$20 billion (Dh73.45bn) 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 per cent shareholder in ChemaWEyaat, but also owns several other ventures including Nova Chemicals in Canada, which it bought in July 2009, and a 64 per cent stake in Borealis, a chemicals company based in Austria.
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