Abu Dhabi-based International Petroleum Investment Company has signed a memorandum of understanding with the Kazakh state-owned company KazMunaigas to build a petrochemical complex in western Kazakhstan, according to Reuters, which cited an IPIC statement.
International Petroleum Investment Company (IPIC), which invests in oil related projects on behalf of the government of Abu Dhabi, has not disclosed the details about the costs involved in the Kazakh petrochemical project, reported Reuters.
Reuters said that IPIC plans to invest $20 billion over five years beginning in 2008 and is looking to sign agreements in the Caspian region.