State-owned Abu Dhabi Basic Industries Corporation (ADBIC) said it plans to build a chemical plant and associated industrial park for $490 million, part of the emirate's drive to reduce its reliance on crude oil revenues.
ADBIC will develop the polymer plant to manufacture substances used for plastics at a cost of 800 million dirhams ($217.9 million), and the park for 1 billion dirhams, according to details given in an invitation to an ADBIC press conference next week.
ADBIC expects to attract investments to the park worth more than 14.7 billion dirhams ($4 billion), according to the invitation received on Tuesday.
ADBIC said in February it plans to invest $6.5 billion to build a plastics factory and expand a steel plant. The plastics plant, a joint venture, will be ready next year, Abdullah Saeed Al-Darmaki, vice president for petrochemicals, told newswire Reuters at the time. (Reuters)
ADBIC will develop the polymer plant to manufacture substances used for plastics at a cost of 800 million dirhams ($217.9 million), and the park for 1 billion dirhams, according to details given in an invitation to an ADBIC press conference next week.
ADBIC expects to attract investments to the park worth more than 14.7 billion dirhams ($4 billion), according to the invitation received on Tuesday.
ADBIC said in February it plans to invest $6.5 billion to build a plastics factory and expand a steel plant. The plastics plant, a joint venture, will be ready next year, Abdullah Saeed Al-Darmaki, vice president for petrochemicals, told newswire Reuters at the time. (Reuters)
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