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FINANCIAL NEWS
Abu Dhabi’s ADBIC seeks partners for USD800m JV
22 Mar 2012
(MENAFN) Abu Dhabi Basic Industries Corporation (ADBIC) is unveiled plans for a USD800 million joint venture to make oil and gas pipes, Reuters reported.
State-run company is seeking a partnership to make the key equipment for global energy companies in a bid to diversify the emirates’ economy away from oil exports.
CEO Jamal al Dhaheri said the company is studying potential partners as it will be a major industrial project for ADBIC.
Established in 2007, ADBIC is wholly-owned by the Abu Dhabi Government’s General Holding Corporation (GHC) and focuses on the base metals (aluminum, steel and copper), petrochemical and other industrial sectors.
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