Back to News

Borealis and First Energy Bank acquire 20.3% of Neochim AD

Borealis, a leading provider of innovative solutions in the fields of polyolefins, base chemicals and fertilizers, together with First Energy Bank of Bahrain, announced today that they have formed a joint venture in Bulgaria called FEBORAN AD. On December 21, 2013 FEBORAN purchased 20.3% of the shares of Neochim AD, a company listed on the Sofia stock exchange.

Neochim is Bulgaria’s leading producer and distributor of fertilizers and accounts for a significant share of Bulgaria’s ammonium nitrate output. Neochim is a publicly listed company under the Public Offering of Securities Act, and operates one ammonia plant, two nitric acid plants and an ammonium nitrate plant in Dimitrovgrad in southern Bulgaria.

“This investment is again in line with our strategy to grow our fertilizer business and to maintain our number one position in Central and Eastern Europe”, says Mark Garrett, Borealis Chief Executive. “First Energy Bank is a co-investor with sound financial credentials. This cooperation allows us to further strengthen our position in the growing Bulgarian market at a time when Borealis is investing into the integration of the recent acquisition GPN SA, now renamed Borealis Chimie SAS, in France.”

“We believe that fertilizers in Europe offer attractive business opportunities with further potential for growth particularly in Central and Eastern Europe,” explains Markku Korvenranta, Borealis Executive Vice President Base Chemicals. “Neochim is a well-managed dedicated fertilizer company with competitive plants and an advantageous logistics position. Borealis L.A.T will be distributing part of the production through its distribution network.”

“First Energy Bank welcomes the co-operation with Borealis in the joint investment in Neochim,” says Mohamed Ghanem, Chief Executive Officer, First Energy Bank. “This investment extends our investment portfolio both geographically into Europe and into a fast-growing market. Furthermore, it reinforces our strategy of participating in the energy sector and investing in a well established petrochemical entity in Bulgaria.”

END

For further information please contact:

Borealis Group: 
Kerstin Meckler, Director Communications
Tel. +43 (0)1 22 400 389 (Vienna, Austria)
e-mail: kerstin.meckler@borealisgroup.com

First Energy Bank:
Communications Department
Tel. +973 1717 0000 (Manama, Kingdom of Bahrain)
e-mail : aaziz@1stenergybank.com, www.1stenergybank.com

Downloads
Borealis and First Energy Bank acquire 20.3% of Neochim AD English, Bulgarian, French, German
Media Contact
Group Media desk
Virginia Wieser, Lena Lehner
+43 1 22 400 899 (Vienna, Austria)
media@borealisgroup.com

Latest News

News – 28/03/2023

European Patent office confirms Borealis as top applicant in Austria

Read more

Media Release – 02/03/2023

Project STOP marks major milestones and expands waste collection services to over 300,000 people

Read more

Media Release – 23/02/2023

Major Milestone Achieved: Project STOP Pasuruan Hands Over the Programme to the Local Government

Read more

Media Release – 14/02/2023

Neste, Borealis, Uponor, Wastewise Group enable chemical recycling of hard-to-recycle plastic waste into new high-quality plastic pipes

Read more

Media Release – 01/02/2023

Borealis appoints Stefan Toader as Vice President Reliability, Turnarounds and Projects

Read more

News – 23/01/2023

About the Kallo Case

Read more

News – 19/01/2023

Borealis ranked second as Austria’s Leading International Company

Read more

Media Release – 19/01/2023

Borealis Borcycle™ C chemical recycling provides circular solutions for crosslinked polyethylene for the Wire & Cable and Infrastructure sectors

Read more

Media Release – 17/01/2023

Borealis demonstrates commitment to the highest sustainability standards with ISCC PLUS certification for Ecoplast site

Read more