International Petroleum Investment Company (IPIC) of Abu Dhabi and Vienna-based Borealis have signed a Memorandum of Understanding on a major fertiliser complex in Uzbekistan.
The two companies signed the MoU with Uzbekistan’s State Joint-Stock Company (Uzkimyosanoat) to conduct a feasibility study for the construction of the world-scale fertiliser complex.
Scheduled to start up in 2012, it will be the largest plant nutrients complex in Central Asia and comprise an ammonia unit and a urea plant.
The study should be completed by the end of 2008 and will be used as the basis of a decision for further project steps in first-quarter of 2009.
“We are excited to be partnering with the Uzbek side. This MoU reflects the strong trust and relations between the three companies to pursue further opportunities in various fields,” said Khadem Al Qubaisi, managing director of IPIC.
“Both IPIC and Borealis see a bright future in partnering with Uzkimyosanoat to tap into Central and Eastern Asia’s dynamic growth markets,” said Hubert Puchner, vice president, sales and marketing of fertiliser and melamine, Borealis.