Abu Dhabi National Chemicals (Chemaweyaat) and Thailand’s Indorama on 26 December signed a joint venture agreement for development of the Tacaamol aromatics plant at the Madeenat Chemaweyaat Al Gharbia (MCAG) site in western Abu Dhabi. The plant will have a design capacity of 1.4mn tons/year of paraxylene and 500,000 t/y of benzene.
Chemaweyaat will have 51% and Indorama 49% in the Abu Dhabi Chemicals Integration Company LLC (Tacaamol) JV. Chemaweyaat is owned by Abu Dhabi state investment firm IPIC (40%), Abu Dhabi Investment Council (40%) and state oil company ADNOC (20%). Tacaamol is the first Middle East investment for Indorama, a major producer of polyester-based chemicals. (CONTINUED - 267 WORDS)