State-run facility to help government diversify revenue will be operational in four years

Abu Dhabi has set up a state-controlled petrochemicals firm with a war chest of 500m dirhams (£96m) to build a petrochemicals complex.

The facility will start operations by 2013 and is aimed to help the government diversify its revenue. Abu Dhabi owns the lion's share of the UAE's oil and natural gas reserves.

Abu Dhabi National Chemicals Company will be owned by International Petroleum Investment Company - which invests in oil and gas related assets for the Abu Dhabi government - and the Abu Dhabi Investment Council, which will each hold a stake of 40%. The remainder will be held by Abu Dhabi National Petroleum Co.