BANGKOK — Thailand's Indorama Ventures Public Co. Ltd. and Abu Dhabi National Chemicals Co. will form a joint venture to build an aromatics plant in Abu Dhabi.
The agreement, signed Dec. 26, will place the plant at Madeenat Al Gharbia, run by the Abu Dhabi firm which operates under the name ChemaWEyaat.
ChemaWEyaat will own 51 percent of the joint venture, called Abu Dhabi Chemicals Integration Co. LLC, which will run the Tacaamol Aromatics Project. Tacaamol is the Arabic word for integration, according to ChemaWEyaat.
The plant will produce about 1.4 million metric tons of paraxylene and 500,000 metric tons of benzene a year.
Meanwhile, IVL has established a new subsidiary, Indorama Ventures Global Services Ltd. which would act as regional operating headquarters.