Borealis and the Abu Dhabi National Oil Company (ADNOC) have recently signed a Memorandum of Understanding (MoU) to explore potential growth opportunities within the polyolefin industry in key geographic markets that will be viewed by both parties as key future demand centers.
The signing of the agreement took place in the presence of the CEO of Borealis, Alfred Stern and His Excellency Dr. Sultan Ahmed Al Jaber, Minister of State in UAE and ADNOC Group CEO.
Borealis and ADNOC will jointly explore potential growth opportunities in key geographic markets within the integrated polyolefin industry. In the last 20 years, Borouge has successfully contributed to the growth of its customers in key markets, by generating value and innovation, by building on their strengths.
Borealis CEO Alfred Stern says,'We wish to build on our joint success in Borouge and continue to achieve ‘value creation through innovation.The need and demand for high-value, innovative polyafin solutions in Asia and the Middle East will grow as a result of sustainable development.'
As joint venture partners in Borouge, Borealis and ADNOC have been collaborating since 1998. Borouge is a leading petrochemical company which offers several innovative plastics solutions. With an annualcapacity amounting to 4.5 million tones, Borouge are recognised as one of the world’s largest integrated polyolefin complexes.
The minister of state in U.A.E, H.E. Dr. Al Jaber, speaking about the recent investments says,“In line with our downstream expansion strategy, ADNOC is pursuing investments that will maximize value from our existing resources and secure more effective market access for our expanding portfolio of products.”
He also went on to add ,“The proposed agreement with Borealis, an existing strategic partner will potentially create growth opportunities for our mutual benefit, and ensure we are well positioned to meet the growing demand for a variety of high-value refined and petrochemical products.”