Abu Dhabi National Oil Company ( ADNOC) and Chinese Petroleum Company (CPC), Taiwan's state owned refiner are going to invest US $1 billion together in a petrochemical unit in Abu Dhabi.
The companies plan to produce purified terephathalic acid (PTA), used as main raw material for polyester fibre for the textile industry.
ADNOC is expected to hold majority of the shares in this new venture while looking to diversify its markets in South East Asia in general and China in particular.
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