Tuesday, 17 November 2009

IPIC names Bayer MaterialScience on list of possible acquisitions

International Petroleum Investment Company (IPIC) is in talks with five major petrochemical players in the US and Europe, including Bayer MaterialScience, and expects to close a European acquisition by the first quarter of 2010, the managing director of the Abu Dhabi-based company said on Tuesday.

Khadem Al Qubaisi said technology from the new company would be used to develop petrochemical projects in Abu Dhabi. The purchase would also continue IPIC’s geographical expansion, he said.

“It’s a big deal. We’re looking to buy a very big petrochemical company in Europe. It’s in petrochemicals and specialities also. Bayer MaterialScience is one of the companies we’ve been talking to,” Al Qubaisi said. To read the full story click here.

I interviewed Al Qubaisi and was really impressed by his ambitious expansion plans for IPIC. Watch out Europe and the US, this company is on course to become a world leader in petrochemicals.

I also liked Al Qubaisi's interview style. He was very relaxed and spoke excellent English. I hope to keep in touch with IPIC and build much closer links to ICIS.

In Europe, IPIC already owns a 48% stake in Spanish energy and chemical group Cepsa, 64% of Austria-headquartered polyolefins group Borealis and a 19% stake in Austrian oil and chemical group OMV.

This year it acquired 100% of Canada’s NOVA Chemicals.

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