Thailand's Indorama Ventures has pulled out of a joint venture company to build an aromatics plant in Abu Dhabi, a company spokesman said Thursday.
In December 2013, IVL agreed to set up the venture with Abu Dhabi National Chemicals Company, or ChemaWEyaat.
The aromatics plant is expected to have a design capacity of 1.4 million mt/year of paraxylene and 500,000 mt/year of benzene, IVL has previously said.
ChemaWEyaat was due to own 51% of the venture, Abu Dhabi Chemicals Integration Co., or Tacaamol, with the remaining 49% stake held by IVL.
Following IVL's exit from the venture, Abu Dhabi National Oil Co. has assumed the 49% stake.
"Indorama Ventures discontinued its participation in the ChemaWEyaat joint venture in 2015 since the project timelines were extended and the decision was taken that Indorama Ventures had to focus on its existing business and strategic initiatives which are in the pipeline," the spokesman said.
ChemaWEyaat was established in 2008 to develop Abu Dhabi's chemical industry.
The company is jointly owned by the Abu Dhabi Investment Council, International Petroleum Investment Company or IPIC, and Adnoc.
