OMV and Borealis extend their cooperation
- Petrochemical cooperation extended for another 11 years
- Continuation of mutually profitable partnership
- Important factor in securing production at Schwechat and Burghausen
(Vienna, 12 October 2015) OMV, the integrated, international oil and gas company, and Borealis, a leading provider of innovative solutions in the fields of polyolefins, base chemicals and fertilizers, are extending their successful cooperation. A cooperation agreement for a further 11 years from 2018 until 2028 is going to be signed.
OMV and Borealis have enjoyed a successful production partnership since 1998 at the sites in Schwechat (Lower Austria) and Burghausen (Bavaria). This cooperation is a key component of the petrochemical integration of OMV’s refineries. Manfred Leitner, OMV Executive Board member responsible for Downstream: “Supplying raw materials for the plastics industry is a key pillar of OMV’s Downstream business. Extending the agreements allows us to continue the success of our profitable partnership with Borealis. In addition, OMV and Borealis are playing a pivotal role in securing production and jobs in Schwechat and Burghausen.”
“The extension of our cooperation renews the foundation for competitive polymer production at our sites in Schwechat and Burghausen for another 11 years”, said Markku Korvenranta, Borealis Board Member responsible for Base Chemicals. “This also makes an important contribution to securing Europe’s industrial capabilities”.
Supplying monomers – ethylene and propylene – remains at the heart of the agreement. These are essential products for the plastics industry and are produced in the OMV refineries Schwechat and Burghausen. They are then processed in the Borealis plants to create polyethylene (PE) and polypropylene (PP). PE and PP are used in a wide range of everyday plastic products and also as high-performance plastics in the automotive and medical technology sectors – a field in which Borealis and its joint venture Borouge are the second-largest suppliers worldwide.
Borealis is owned by the International Petroleum Investment Company (IPIC) from Abu Dhabi (64%) and by OMV Aktiengesellschaft (36%).
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