Middle East Economic Survey

VOL. XLVIII

No 29

18-July-2005

Uae

IPIC, Chinese Petroleum Corp Ink MOU For Two Petrochemical Complexes

Abu Dhabi-based International Petroleum Investment Company (IPIC) has signed a memorandum of understanding (MOU) with Taiwans Chinese Petroleum Corporation to establish two petrochemical complexes one in southern Taiwan and one in the UAE at a cost of $2.36bn, according to a China Times report of 3 July. A contract is due to be signed by the end of the year.