The interim chief executive of the Abu Dhabi National Chemicals Company’s (Chemaweyaat) Tacaamol petrochemicals complex development will retire from his post in May, he has confirmed to MEED.
Harri Bucht will retire from full-time employment in May, he says. A new chief executive will be announced at around the same time, he adds.
Bucht was appointed interim chief executive of the joint venture Tacaamol company in 2008, while continuing to work as vice president of Austrian petrochemicals major Borealis’ Middle East and Asian operations.
Bucht was previously CEO of local petrochemicals producer Abu Dhabi Polymers Company, a joint venture of Borealis and Abu Dhabi National Oil Company (Adnoc). Borealis is co-owned by Abu Dhabi state investment fund International Petroleum Investment Company (Ipic) and Austrian energy firm OMV, in which Ipic holds a 19.2 per cent stake.
Chemaweyaat is a development vehicle for the petrochemicals industry in Abu Dhabi, which is owned by Ipic, Adnoc, and Abu Dhabi Investment Council. The Tacaamol complex, which will be based in Chemaweyaat’s Tawelah industrial chemicals city, is a 49:51 joint venture of Ipic and Chemaweyaat.
In 2009, the Tacaamol complex was projected to create revenues of about $6.1bn a year through the sale of 6.3 million tonnes of chemicals a year (MEED 22:5:2009).
Bucht is seen as being one of the key architects in the expansion of Abu Dhabi’s petrochemicals industry, a major part of the emirate’s 2030 development plan. He was named as one of six leading players in the chemicals industry in a 2009 MEED List (MEED 8:9:2009).