PHOTO
UAE plastics maker Borouge, a joint venture between the Abu Dhabi National Oil Company (ADNOC) and Borealis of Austria, has started operations of its fifth polypropylene unit in Ruwais.
The unit will expand Borouge’s polypropylene capacity by more than 25 percent to 2.24 million tonnes per year (t/y), the company said in statement on Thursday. Its total polyolefins capacity will increase by11 percent from 4.5 to 5 million t/y.
Earlier this month, ADNOC and Borealis said they are considering a potential initial public offering (IPO) of a minority stake in their plastics joint venture.
The company awarded last year the engineering, procurement and construction (EPC) contracts for the fourth expansion of its manufacturing complex, Borouge 4, in Ruwais. ADNOC and Borealis AG have agreed to invest $6.2 billion in the project.
(Reporting by Brinda Darasha; editing by Cleofe Maceda)
