Giant petrochemicals scheme will soon start seeking a financial adviser
Abu Dhabi is set to start approaching financial advisers to work on the development of Chemaweyaat, a major new chemicals complex that will be built in Ruwais.
The plan to start looking for a financial adviser on the project follows the move earlier in 2013 to revive the project, which had been dormant since 2009.
The US CH2M Hill was awarded the front-end engineering & design (feed) contract earlier this year as Abu Dhabi looked to restart its petrochemicals ambitions. CH2M Hill will design an aromatics complex capable of converting 3 million tonnes a year (t/y) of heavy and medium naphtha supplied from Abu Dhabi Oil Refining Companys (Takreer) refinery in Ruwais.
When the scheme was originally conceived in 2009 Frances BNP Paribas was understood to have been in line to win the advisory mandate. By the end of that year the financial crisis resulted in work on the project coming to a halt and the French bank was never formally awarded the contract. Since then the project has also been relocated from Taweelah, about half way between Abu Dhabi and Dubai, to Ruwais.
Chemaweyaat is now understood to be planning to restart work on appointing a financial adviser before the end of 2013.
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