From correspondents in Middle East, 05:30 PM IST

The UAE capital Abu Dhabi is set to have the world's largest chemical industrial complex by the year 2013.

A memorandum of understanding (MoU) in this regard was signed by Abu Dhabi Ports Company (ADPC) and Borealis/Abu Dhabi Investment Council (ADIC) on behalf of Chemaweyaat, an initiative of ADIC, and the International Petroleum Investment Company (IPIC), the state-run Emirates News Agency (WAM) reported.

The new Chemicals Industrial City will be built in the Khalifa Port and amp; Industrial Zone (KPIZ), which is strategically located between Abu Dhabi and Dubai.

'The location of this large scale petrochemical complex is a major milestone for the development of the industrial cluster at the Khalifa Industrial Zone,' Ahmed Al Calily, chief executive and managing director of Abu Dhabi Ports Company (ADPC) was quoted as saying.

The first project to be located at the Chemicals Industrial City is Chemaweyaat Complex 1. It is expected to be the world's largest fully integrated grassroots complex with a total production of around seven million tonnes per annum of olefins, aromatics, oxide and ammonia derivatives.

Chemaweyaat Complex 1 is expected to be complete by 2013.

'Chemaweyaat as an anchor tenant will attract additional investments from all parts of the supply chain and will create a viable chemical and petrochemical cluster,' Al Calily said.

'This will deliver valuable collective benefits to the port and the industrial zone.'

(Staff Writer, © IANS)