IPIC and Borealis signed Memorandum of Understanding with Uzbekistan’s State Joint-Stock Company
Posted on August 22, 2008 – 4:55 pm | by vchris
Abu Dhabi, UAE : International Petroleum Investment Company (IPIC) of Abu Dhabi (UAE) and Borealis signed Memorandum of Understanding with Uzbekistan’s State Joint-Stock Company (Uzkimyosanoat) to conduct a feasibility study for the construction of a world-scale Fertilizer complex in Uzbekistan. Scheduled to start up in 2012, this would be the largest plant nutrients complex in Central Asia and would comprise Ammonia Unit and Urea Plant. The study should be completed by the end of 2008 and will be used as the basis of decision for further project steps in first quarter of 2009.
“We are excited to be partnering with Uzbek side, this MOU reflects the strong trust and relation between the three companies to pursue further opportunities in various fields” comments Khadem Al Qubaisi, Managing Director of IPIC. “Both IPIC and Borealis see a bright future in partnering with Uzkimyosanoat to tap into Central and Eastern Asia’s dynamic growth markets.” comments Hubert Puchner, Vice President Sales & Marketing Fertilizer and Melamine in Borealis.
IPIC is an investment company wholly owned by the Government of Abu Dhabi. For over 20 years IPIC has successfully invested in many projects all over the world.
Borealis is second in Europe manufacturer of plastics, and 65 % of its shares are owned by IPIC. Headquarter of Borealis is located in Vienne. After its recent acquisition of Agrolinz Melamine International – manufacturer of fertilizers and melamine, Borealis’ strategic plan is to expand plant nutrients business. Borealis’ plant nutrients business is already a leading player in Central Europe with its Linzer Agro Trade (LAT) brand.
State Joint-Stock Company Uzkimyosanoat consists of 12 chemical plants, 13 distributing companies, two engineering and scientific research institutes and a logistics company. Uzkimyosanoat has leading position in production volume and range of nitrogen and phosphorous fertilizers in CIS, being the largest manufacturer of ammonia, urea, ammonium nitrate, ammonium sulphate, ammofos and nitrofos in the region. Chemical products are exported to more than 30 countries of the world.
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Tags: Abu Dhabi, Borealis, IPIC, UAE, UZBEKISTAN
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