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Borouge 4 project will generate an extra $1.5 to $1.9bln in annual revenue
UAE-headquartered petrochemicals company Borouge said on Sunday that its strategic expansion projects in the UAE and China are set to significantly boost production capacity and revenue.
The ADX-listed company said in its third quarter finacial statement that the Borouge 4 expansion project in Al Ruwais Industrial City, Abu Dhabi, is 80 percent complete and is expected to boost annual production capacity by 28 percent post completion.
The construction of the project, now fully energised through a connection to the national grid, is running on schedule.
Once fully operational, the project is anticipated to generate an additional $1.5 to $1.9 billion in annual revenue.
Additionally, the petrochemical major is expanding its second ethylene unit (EU2) to increase the production of olefins and polyolefins by 230,000 tonnes.
The expansion is expected to be completed by 2028 and is projected to contribute between $220 and $250 million in annual revenue.
Internationally, Borouge has achieved good progress on the feasibility study for a new specialty polyolefins complex in China, the quarterly statement noted.
The project, which will have a 1.6 million tonnes annual capacity, is being developed with Wanrong New Material (Fujian), a subsidiary of Wanhua Chemicals. |
