UAE - Mubasher: Abu Dhabi National Oil Company (ADNOC) has signed the investment agreement worth $6.2 billion (AED 22 billion) with Borealis AG to build the fourth Borouge facility at the polyolefin manufacturing complex in Ruwais in the UAE.
The final investment agreement was signed at the Abu Dhabi International Petroleum Exhibition and Conference (ADIPEC), according to a press release on Monday.
Borouge produces crucial industrial raw materials which are exported to customers globally and used by local companies, fostering local industrial supply chains and improving In-Country Value.
Set to be operational by the end of 2025, Borouge 4 will meet the growing customer demands for polyolefins, used in manufactured products in the Middle East, Africa, and Asia.
Meanwhile, the facility will support the next phase of growth at the Ruwais Industrial Complex by providing the TA’ZIZ Industrial Chemicals Zone with feedstock.
The UAE Minister of Industry and Advanced Technology and ADNOC Managing Director and Group CEO, Sultan Ahmed Al Jaber, said: "This expansion will see Borouge become the world’s largest single-site polyolefin complex, as it continues to play an integral role in the development of TA’ZIZ, enhancing local industrial supply chains and boosting In-Country Value opportunities."
Meanwhile, Borealis CEO, Thomas Gangl, commented: "Borouge is the key vehicle that enables us to serve the growing customer needs across the Middle East and Asian markets with future-oriented and differentiated solutions based on Borstar, Borealis’ proprietary state-of-the-art technology."
