International Petroleum Investment Company (Ipic), the Abu Dhabi fund, is proceeding with its investment plans even as its top staff are reshuffled.
Companía Espanola de Petróleos (Cepsa), which is wholly owned by Ipic, yesterday inaugurated a €300 million (Dh1.2 billion) chemical plant in Shanghai.
“The new plant will allow us to tap into the world’s largest market for phenol in China, as well as open up new opportunities for the company to expand across Asia,” the company said .
The plant, which has a capacity of 250,000 tonnes of phenol and 150,000 tonnes of acetone, will make Cepsa the world’s second-largest producer of the products, behind Europe’s Ineos Phenol.
The plant is part of Cepsa’s “international growth and expansion plans established with shareholder Ipic”, the Spanish company said.
Major staff changes at Ipic were ordered by presidential decree on April 22. This resulted in Khadem Al Qubaisi, formerly the managing director, leaving his post, with the energy minister Suhail Al Mazrouei taking up the position.
Mr Al Qubaisi is still the chairman of the Cepsa board, according to its website.
He had by last week also left his role as the chairman of Aabar Properties, an Ipic-owned real estate firm.
Mr Al Qubaisi was also not included on a list of nominees this month for the board of directors of Arabtec Holding, in which an Ipic subsidiary has a 36 per cent stake.
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