Indorama forms JV with Abu Dhabi-based ChemaWEyaat for aromatics

Indorama Ventures Public Company Ltd and Abu Dhabi National Chemicals Company (ChemaWEyaat) have signed a joint venture agreement to develop the Tacaamol Aromatics Plant on Madeenat ChemaWEyaat Al Gharbia’s (MCAG) site in the Western Region of Abu Dhabi.
 
The plant is expected to have an annual design capacity of about 1.4 million tonnes of paraxylene and 0.5 million tonnes of benzene. ChemaWEyaat will hold 51% equity and Indorama 49% in the joint venture company to be known as Abu Dhabi Chemicals Integration Company LLC (Tacaamol).
 
“We are very excited about this venture with ChemaWEyaat which represents our maiden entry into the Gulf region. It heralds long-term business success for Tacaamol. Both parties will contribute their expertise and resources, optimising the benefits that Abu Dhabi offers to create a world class aromatics chain industry that will result in sustainable economic and social development,” said Aloke Lohia, Group CEO, Indorama Ventures.
 
Ahmed Saeed Al Mheiri, Chief Executive Officer, ChemaWEyaat, said, “We welcome Indorama Ventures to Abu Dhabi and have full confidence in the future success of the Tacaamol Aromatics Plant. The teams of both parties have worked hard to reach this stage and we look forward to their continued spirit of cooperation during project implementation and the establishment of future operations.”
 
In 2012, ChemaWEyaat engaged the services of Foster Wheeler as Project Management Consultants (PMC) for the project, which includes substantial infrastructure work on the MCAG site to support the aromatics plant and, in due course, the other complexes that are planned to be developed there. During the summer of 2013, further contracts were placed covering the FEED for the utilities, offsites and infrastructure, and the site preparation activities.
 
Indorama Ventures Public Company Ltd is a global leader in the polyester value chain with a strong global network and manufacturing across Asia, Africa, Europe and North America. Its products serve major brand owners in diversified end use markets, including food, beverages, personal and home care, health care, automotives, textile, and industrial segments. The company's main products are PTA, EO/EG, PET and fibre, which are distributed across the world.