Listed on the stock exchange in Thailand, polyester supplier Indorama Ventures Public Company Limited (IVL) is setting up a joint venture company with Abu Dhabi National Chemicals Company (ChemaWEyaat) to develop the Tacaamol Aromatics Plant on Madeenat ChemaWEyaat Al Gharbia’s (MCAG) site in the Western Region of Abu Dhabi.

The joint venture plant is expected to have an annual design capacity of about 1.4 million tonnes of paraxylene and 0.5 million tonnes of benzene. IVL will hold 49% equity and ChemaWEyaat will hold 51% equity in a new joint venture company to be known as Abu Dhabi Chemicals Integration Company LLC (Tacaamol).

In 2012, ChemaWEyaat engaged the services of Foster Wheeler as Project Management Consultants (PMC) for the project, which includes substantial infrastructure work on the MCAG site to support the aromatics plant and, in due course, the other complexes that are planned to be developed there. During the summer of 2013, further contracts were placed covering the FEED for the utilities, offsites and infrastructure, and the site preparation activities.

ChemaWEyaat was established by Emiri Decree in November 2008 to further develop Abu Dhabi’s domestic chemicals industry, complementing ADNOC's subsidiaries Abu Dhabi Polymers Company (Borouge), Ruwais Fertilizer Industries (Fertil) and International Petroleum Investment Company’s (IPIC) international chemicals subsidiaries. ChemaWEyaat is jointly owned by IPIC, the Abu Dhabi Investment Council and Abu Dhabi National Oil Company (ADNOC).

IVL’s main products are PTA, EO/EG, PET and fibre, which are distributed across the world. IVL has approximately 9,000 employees worldwide and it achieved last 12 months consolidated revenue ending Q3 2013 of US$7.3 billion.