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Adbic finalises $800m oil pipe plan, seeks partners

22 March 2012

Jamal al Dhaheri, the chief executive of Abu Dhabi Basic Industries Corp (Adbic) has said the state-owned firm is finalising plans for an $800m joint project to make oil and gas pipes, Reuters has reported. "We are in negotiations with partners. It will be a majority Adbic project in Abu Dhabi," said al Dhaheri at a conference, declining to give further details. Adbic is hoping to form a joint venture to make the key equipment for global energy companies in a bid to reduce the emirates' heavy reliance on oil exports.

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