HSBC, BNP said to be pitching for US$5b UAE chemicals plant

[DUBAI] HSBC Holdings Plc, BNP Paribas SA and National Bank of Abu Dhabi PJSC are among banks pitching to advise on raising financing for a US$5 billion chemicals plant in Abu Dhabi, three people with knowledge of the matter said.

Abu Dhabi National Chemicals Co asked banks to bid for the role to advise on the first phase of the project last month, the people said, asking not to be identified as the information is private. It's the third time since the company's formation in 2008 that it has sought to appoint a financial adviser for the project, without appointing anyone, according to the people.

Abu Dhabi is seeking to build the company, known as Chemaweyaat, into one of the world's top 10 chemical producers as part of plans by the emirate to diversify the economy and create jobs. Chemaweyaat had aimed to begin production at its first plant in 2015 and shifted its location from a port near the capital to an oil refinery at the Ruwais industrial area.

Chemaweyaat is jointly owned by International Petroleum Investment Co, Abu Dhabi Investment Council and Abu Dhabi National Oil Co.

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