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(Plastemart) -- Abu Dhabi’s 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, IPIC’s acquisitions in 2009
included Canada’s Nova Chemicals Corp. and 47% stake in Cia Espanola de
Petroleos SA, Spain’s 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.
mrcplast.com
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