Download list
Locations / Sites
Contacts
Login
Back to News

Borouge awards Project Management and Financial Advisory contracts for major expansion in Middle East

The Project Management Consultancy (PMC) and Financial Advisor contract awards linked to a proposed major UAE expansion were announced today by Borouge – Borealis' joint venture with the Abu Dhabi National Oil Company (ADNOC). Borouge has awarded the PMC to Foster Wheeler and the Financial Advisory contract to HSBC. This follows the completion of the feasibility study for a construction project to triple the current production capacity in Ruwais, Abu Dhabi of 600,000 tonnes of polyolefins per year to 2 million tonnes per year.

Henry Sperle, Borealis Executive Vice President Technology and Projects, commented on the latest development by saying, "Borouge has been an unqualified success from the outset. This latest decision was largely driven by healthy market growth outlooks in the Middle East and Asia Pacific as well as continued demand for enhanced polyolefins based on the Borstar® process technology. The new PP products will bring access to new markets and compliment the existing Borealis marketing strategy in key market segments."

With an investment in excess of USD 2.5 billion and completion slated for 2010, Borouge expects to expand its annual production to include an additional 540,000 tonnes per year Borstar® polyethylene plant and two 400,000 tonnes per year Borstar polypropylene (PP) units. The new capacity will primarily address Middle Eastern and Asian markets, targeting demand for high-end, differentiated pipe and enhanced packaging solutions.

The project will now enter the Front End Engineering Design phase. Further details on the proposed expansion project will be announced at a later stage.

In a related announcement last week, on June 30, 2005, Borealis announced a change in its ownership structure underpinning future growth. The International Petroleum Investment Company (IPIC) of Abu Dhabi and OMV Aktiengesellschaft of Austria announced their agreement to purchase Statoil's 50% shareholding in Borealis A/S. As a result, the new Borealis ownership will be 65% IPIC and 35% OMV, with closing of the transaction expected during the fourth quarter once regulatory approvals are received.

Borstar is a registered trademark of Borealis A/S, Denmark.

END

Media Contact
Virginia Wieser
Senior Manager, Corporate Communications, Brand & Reputation

Latest News

Media Release – 30/09/2021

Accelerating electrification with the “Cracker of the Future” Consortium

Read more

News – 09/09/2021

Renewably-sourced feedstock being tested at Borealis cracker in Stenungsund, Sweden

Read more

Media Release – 08/09/2021

Borealis signs wind farm power purchase agreement with Axpo, continuing to significantly boost share of renewable energy used in its Belgian operations

Read more

Media Release – 07/09/2021

Uponor Infra and Borealis collaborate to create a gravity plastic pipe with up to 70 % CO2 reduction

Read more

Media Release – 03/08/2021

Leo Alders appointed acting CEO of Borealis fertilizers, melamine and technical nitrogen business

Read more

News – 16/06/2021

Borealis supports Water & Sanitation for the Urban Poor (WSUP) in improving access to safe drinking water to the communities in Beira, Mozambique

Read more

Media Release – 16/06/2021

Borealis and Renasci reach an exclusive agreement enabling Borealis to offer commercial volumes of chemically recycled base chemicals and polyolefins since May 2021

Read more

Media Release – 15/06/2021

New photovoltaic rooftop array to provide power to Borealis location in Monza, Italy

Read more

Media Release – 08/06/2021

Borealis Commits to Major Expansion of Project STOP in Indonesia

Read more