The project study comprised a world-scale propane dehydrogenation (PDH) plant, a polypropylene (PP) production and an acrylics value chain complex.
"The planned location at Adani’s Mundra site would enable access to a world-class port and renewable energy supply," a media release said.
"The global economic uncertainties caused by the pandemic have led the partners to review the timing for undertaking this investment. Despite all attempts to optimise the scope and the configuration, the project has been put on hold," the release added.
The partners, however, remain convinced about the strong fundamentals represented by the Indian market and agreed to periodically explore market conditions and discuss any opportunity that may arise over time.
ADNOC is one of the world’s leading diversified energy and petrochemicals groups and is a primary catalyst for the UAE’s growth and diversification.
Adani Group is a diversified organisation in India with a combined market cap of over $38 billion comprising six publicly traded companies.
BASF creates chemistry for a sustainable future. Its portfolio is organised into six segments: Chemicals, Materials, Industrial Solutions, Surface Technologies, Nutrition & Care and Agricultural Solutions.
Borealis is one of the world’s leading providers of advanced and circular polyolefin solutions and a European market leader in base chemicals, fertilisers and the mechanical recycling of plastics.
Fibre2Fashion News Desk (RKS)