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IPIC to acquire businesses through its Borealis AS plastics unit

November 25/2010

(Plastemart) -- Abu Dhabis state company with petrochemical holdings - International Petroleum Investment Co. plans to acquire businesses through its Borealis AS plastics unit. In its drive to expand internationally through mergers and acquisitions, IPICs acquisitions in 2009 included Canadas Nova Chemicals Corp. and 47% stake in Cia Espanola de Petroleos SA, Spains second-biggest oil producer.

The United Arab Emirates and other Middle Eastern oil producers are boosting petrochemicals output to take advantage of their access to comparatively cheap crude and natural gas feedstocks. The producers are also developing new industries capable of using crude, gas and refinery byproducts.

IPIC, through Borealis, is a partner with state-run Abu Dhabi National Oil Co., known as Adnoc, in petrochemical producer Borouge. That company has built its second ethane cracker and is now working on a third, which it expects will produce 2 million tons of petrochemicals next year.


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