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Abu Dhabi-listed Borouge has signed a 50:50 joint venture agreement with China’s Wanrong New Materials to develop a greenfield cracker and polyethylene complex in Fujian, China.
Wanrong is a subsidiary of Shanghai Stock Exchange-listed Wanhua Chemical Group.
The joint venture agreement, subject to regulatory approvals, establishes a governance and financing structure for further development steps in the project, Borouge said in a statement.
No financial details were released.
In July 2024, Borouge, in a consortium with ADNOC and Borealis (now Borouge International), had initiated a joint feasibility study in collaboration with Wanhua Chemical Group, and Wanrong New Materials for a 1.6 million tonnes per year greenfield specialty polyolefin complex in Fuzhou in Fujian Province.
(Writing by P Deol; Editing by Anoop Menon)
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