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Regions :: Middle East :: U.A.E.

IPIC to Consolidate Nova and Borealis?

4:45 AM MDT | April 18, 2011 | Lindsey Bewley

International Petroleum Investment Co. (IPIC; Abu Dhabi) may be looking to consolidate Nova Chemicals and Borealis, as IPIC focuses on building up the petrochemicals industry in Abu Dhabi. IPIC owns a 64% stake in Borealis, and it bought Nova Chemicals in 2009.   The Abu Dhabi government is planning to invest about $20 billion in petrochemicals via the ChemaWEyaat joint venture, in which IPIC holds a 40% stake.   Khadem Al Qubaisi, managing director of IPIC, told The National, a local newspaper, that the company plans to consolidate Nova and Borealis...

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