International Petroleum Investment Company announced record profits during 2007

The board of directors of International Petroleum Investment Company, IPIC, today announced record profits during 2007 reached $1.2 billions (AED4.4 billions) posting a growth of 48% over the year 2006 profits.

The Abu Dhabi-owned company also approved plans for a new refinery project in Pakistan with a capacity of 250000 barrels per day. The refinery is the company's second largest project after the $5-billion Parco Refinery (or Pak -Arab Refinery) in Pakistan.

Parco will have a capacity to refine 102.7 million barrels of crude oil per annum. IPIC will hold 74 percent while the Pakistan government will own 26 percent stake in the project.

IPIC which is responsible for all foreign investments in the oil and chemicals sector said it is considering the awarding of the Project Management Consultancy (PMC) services contract for the new refinery.

IPIC's board made the announcements at a meeting chaired by H.H Sheikh Mansour bin Zayed Al Nahyan, Chairman of the board and Minister of Presidential Affairs.

IPIC also approved Al-Jarf Al-Asfar refining project in Morocco and work in underway to establish a company with competent Moroccan authorities.
/WAM/

Read more!

Abu Dhabi to build chemicals park

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)

Read more!

Al Qudra Holding acquires 12.43% of Abu Dhabi National Industrial Projects

Al Qudra Holding, one of the largest investment companies in the UAE, said it has recently entered into an agreement to acquire 12.43% of Abu Dhabi National Industrial Projects' (ADNIP) shares.

The acquisition aims to strengthen the strategic cooperation between the two parties in identifying, developing, establishing and managing various industrial projects in the UAE and in the Middle East region.

Mahmoud Ibrahim Al Mahmoud, CEO of Al Qudra Holding said this ?marks the first step towards a long-term joint cooperation between Al Qudra Holding and ADNIP which aims to pioneer the industrial development in the UAE and the region at large. This is made possible by leveraging on the vast experience and expertise of the two companies combined to benefit our investors and ultimately, the national economy.? Mohammed Bin Joan Al Badie, Chairman of ADNIP, added that the apparent decision of the shareholders in introducing strategic partners aims at strengthening ADNIP's competitive position in the market and enabling the company to expand and develop mega industrial projects in the UAE, which will be announced in the due time.

Abu Dhabi National Industrial Projects Co. (ADNIP), is a leading industrial investment group fostering economic growth, entrepreneurial foresight and managerial excellence. ADNIP is adept at identifying, developing and operating high value commercial opportunities in the region in collaboration with leading global companies. /WAM/

Read more!

Abu Dhabi plans to launch new economic zones

Focusing on exploiting its comparative advantage in industrial sector, Abu Dhabi is launching several economic zones including a Metal City, an Energy Zone, a Polymer Park, besides adding three more extensions to industrial City of Abu Dhabi (ICAD).

"Polymer Park, will be an important industrial area, where world class business doing environment is being created for setting up the downstream plastic industry, to convert Abu Dhabi's manufactured plastics," said Engr. Jaber Al Khaili, CEO of ZonesCorp, while giving a presentation to Minister for Economy Sultan bin Saeed Al Mansouri and Shaikh Hamed bin Zayed Al Nahyan, Chief of Abu Dhabi Crown Prince's Court and Chairman of ZonesCorp.

The first company would launch its construction activity in the park by the end of this year. Other plans for creating industrial infrastructure included 'a Metal City', in the Taweelah industrial zone, as part of major port development project. It would be a cluster, in which up-stream, mid- stream and down-stream industries would be set up, along with the service, maintenance and other support businesses.

Manufacturing units engaged in steel, aluminum and copper could only be allowed to operate in the Metal City. They would include pellitisation of steel, aluminum and copper refineries in the up-stream level. In mid stream, mega steel plant, aluminum smelter would be set up. There would be a whole range of industrial sectors to be developed at the down-stream level which would include rolling mills, extrusion, casting, flat complex, wire rod etc. Al Khaili said that industrial units involved in aircraft, automobile spares, appliances, cable, air conditioners, door/window, pipe, packaging and other items would be established.

Energy zone: ZonesCorp chief said Energy Zone in the Musaffah area would be an exclusive area for companies dealing with oil and gas sector, besides other supporting sectors like EPC firms, engineering consultancies etc. These companies would be offered attractive economic benefits to operate out of this economic zone. MENAFN

Read more!

Aldar sets up new firm

Aldar Properties said yesterday it has set up a company with concrete producer Readymix Abu Dhabi to provide supplies to its development projects.

Aldar Readymix will allow Aldar to receive high-quality concrete for its projects, including Al Raha Beach development, it said in a statement.

Aldar Readymix plans to reach a total production capacity of more than 15,000 cubic metres per day by the end of this year, adding to Al Raha Beach's four on-site concrete batching plants with a production output of 6,000 cubic metres, it added.

"This alliance has many benefits for both parties including creating a secure and proper supply chain, which will allow Aldar Properties to get all its requirements on time, and remain on schedule throughout their projects," Aldar Readymix general manager Youssef El Hage said.

UAE suppliers of ready-mixed concrete are struggling to keep up with demand with the risk that construction projects may be delayed further, a newspaper reported earlier this month. Source

Read more!

TAQA appoints new General Counsel

The Abu Dhabi National Energy Company PJSC, (TAQA), a publicly listed company on the Abu Dhabi Securities Market (ADSM: TAQA), today announced the appointment of Carl Sheldon as General Counsel. He is a US and UK qualified lawyer who brings with him more than 25 years of experience in private practice in New York, Frankfurt and London.

TAQA's asset base now exceeds USD 18bn and the company plans to continue investing in key markets this year. Carl Sheldon will join TAQA on April 1. He will travel initially from New York to TAQA's various centres of operation around the world, and expects to spend a significant amount of time in Abu Dhabi for his new role. One of his priorities will be to build the foundations of a global legal group to support the company's existing asset portfolio and manage new acquisitions as the company grows.

About Abu Dhabi National Energy Company PJSC (TAQA)

Founded in 2005, TAQA (the Abu Dhabi National Energy Company PJSC) is a global energy company with a growing asset base that exceeds AED 68 (USD 18 billion). One of the largest companies listed on the Abu Dhabi Securities Market (ADSM), with 2007 revenues of more than AED 8 billion (USD 2 billion), TAQA is a flagship corporation for the Government of Abu Dhabi.

TAQA's strategic goal is to build and operate a geographically diverse global portfolio of energy businesses across the value chain. It has operations in power generation, water desalination, upstream oil/gas, pipelines, and gas storage.

TAQA employs 2,300 people from 38 different nations and operates from its offices in: Abu Dhabi; Ann Arbor, Michigan; Aberdeen; Amsterdam; Calgary and The Hague. This footprint is further extended through alliances with partners across Africa, the Middle East, Europe, North America and India.

TAQA carries Aa2 and AA- credit ratings from Moody's and S&P respectively.

Read more!

New Chemicals Industrial City planned in Abu Dhabi

The International Petroleum Investment Company (IPIC) of Abu Dhabi and Borealis AG have signed a memorandum of understanding (MoU) with the Abu Dhabi Investment Council (ADIC) to prepare jointly for the first phase of the development of a planned new Chemicals Industrial City to be located here in Abu Dhabi.

The multi-billion dollar project comprises a world-scale naphtha cracker downstream propylene and ethylene derivatives; a world-scale reformer, xylene, benzene, cumene, phenol and derivatives units. Upon completion of the first phase, expected in 2013, the complex will be the largest and most integrated of its kind in the world, supporting the Abu Dhabi government's strategy of diversifying its economy. The output from the planned complex will also offer a wealth of new opportunities for further development of the downstream industries in the country.

"This new development brings together three committed partners to achieve a step change in Abu Dhabi's participation in the chemical industry as a testimony of unprecedented growth for the economies of the Middle East in general and for the economy of the UAE in particular," commented Mr. Khadem Al Qubaisi, IPIC managing director and deputy board chairman of Borealis. "With this exciting new venture, we will become an industry model for chemical integration while helping support the goals of the Abu Dhabi government to diversify its economy," he added.

"Borealis is pleased to be part of this new initiative in Abu Dhabi as it fits very well into our strategy to develop our base chemicals business significantly," said Mark Garrett, Chief Executive of Borealis. "We are already contributing to the growth of Abu Dhabi and we look forward to participating in this major milestone in the regional and global chemical and petrochemical landscape," he added. (WAM)

Read more!

Al Ain Industrial City opened

Promising a new era of industrial development in the emirate, Ruler's Representative in the Eastern region His Highness Sheikh Tahnoun bin Mohammed Al Nahyan dedicated to the nation the first phase of the Al Ain Industrial city.

Conceived and implemented by Higher Corporation for Specialised Economic Zones (ZoneCorp), the new industrial city will play a major role in developing vital sectors of strategic importance in the country.

The inaugural ceremony was attended by a number of Sheikhs, prominent state officials, investors and representatives of economic entities in public and private sectors.

Opening the industrial city, Sheikh Tahnoun said that the project marks the beginning of the sustainable development in the industrial sector in Al Ain and will create vast opportunities for the national entrepreneurs.

In a statement given on this occasion, chairman of the Abu Dhabi Crown Prince's Court and Chairman of ZoneCorp His Highness Hamed bin Zayed Al Nahyan expressed his appreciation and gratitude to all those who have played various roles to bring this vital project into fruition. He added that the Al Ain Industrial city has been accomplished in the set time, providing the most modern infrastructure and services and creating a balanced investment climate.

The Al Ain Industrial city project was first launched earlier in 2006, marking the first expansion of the industrial landscape from Abu Dhabi to the Eastern region, as conceived by the ZoneCorp.

Sheikh Hamed attributed the success of this project to the directives from President His Highness Sheikh Khalifa bin Zayed Al Nahyan and continuous follow-up from His Highness General Sheikh Mohammed bin Zayed Al Nahyan, crown prince of Abu Dhabi and deputy supreme commander of the UAE Armed Forces. He added that their clear vision about the industrial growth helped the ZoneCorp to chalk out its future strategy and plan for a number industrial cities, thus contributing to the over all economic growth of the country.

Local and global firms now can establish industrial units benefitting from the most modern infrastructure and can easily penetrate markets around the world, Sheikh Hamed added.

'Al Ain Industrial city will be a powerful impetus and support to the sustainable industrial development. It will create vast work opportunities for the national youth with required skills on one side, and will attract national, regional and global industrial ventures on the other. The city is built on global standards of most modern infrastructure and ensures proximity to world markets.' noted Sheikh Al Hamed.

Jaber Hareb Al Khuyayli, CEO of ZoneCorp said that the opening of Al Ain Industrial city testifies the success of joint efforts by various sectors to widen the industrial production as it expands the industrial bases into various regions in the emirate.

The five sq-km industrial city is located 20 kilometres southwest of the Al Ain city centre, and the next phase will expand the area into 10 sq-km. (WAM)

Read more!

Tabreed 2007 revenue up by 26 % to AED

Tabreed, the Middle East's award-winning district cooling pioneer, has posted an increase of 26 per cent in earnings from continuing operations as compared to 2006.

The company's 2007 revenues increased to AED 549 million, a 17 per cent up over 2006, a company press release said Wednesday.

Additionally, the company generated gross profit of AED 237.237 million, an increase from AED 189.020 million. As a result, there was an improved 19 per cent of the net profit, (excluding the one-time gain of AED 40.552 million resulted from the gain on sale of some plants in 2006).

''2007 was a year of significant and continuous achievement for Tabreed,'' said the company's Chairman, Mohamed Saif Al Mazrouei. ''We generated solid earnings and cash flow, set new company records for chilled water output.'' ''By a considerable margin, currently, we have now the strongest financial outlook in the company's history. We anticipate even brighter outlook for many years to come,'' he added. (WAM)

Read more!