Middle East Economic Survey

VOL. LII

No 8

23-Feb-2009

UAE

Abu Dhabi Sets Up National Petrochemicals Company

UAE President and Ruler of Abu Dhabi Shaikh Khalifah bin Zayid Al Nuhayyan has issued a law establishing Abu Dhabi National Chemicals Company (ADNCC), a joint venture capitalized at Dh500mn ($136mn) and owned 40% by International Petroleum Investment Company (IPIC), 40% by Abu Dhabi Investment Council (ADIC) and 20% by the Abu Dhabi National Oil Company (ADNOC). IPIC, which is wholly-owned by...