16-02-09 Abu Dhabi has set up a state-controlled petrochemicals firm with a capital of AED 500 mm ($ 136.1 mm) to build the world's largest petrochemicals complex.
"The project will be implemented in a number of phases, the first of which will be a multi-billion dollar Naphtha unit," a report said. "The new chemicals company, to be set up with a capital of 500 mm, will build the largest and the most integrated chemicals complex in the world," it added.

The complex would start operations by 2013 and would help the government of Abu Dhabi achieve a strategy of diversifying its revenue, the agency said. The new company, Abu Dhabi National Chemicals Company, will be owned by International Petroleum Investment Company (IPIC) and the Abu Dhabi Investment Council (ADIC) with equal stakes of 40 % each, the report said. Abu Dhabi National Oil Company (ADNOC) will hold the remaining 20 % stake.
The new company also aims to develop, own and manage an integrated facility which will be later known as "Chemicals Industrial City".

IPIC is wholly owned by the Government of the Emirate of Abu Dhabi and invests in oil-related projects.
IPIC has become one of the leading companies in the field of petroleum and energy investment since its inception in 1984.