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05-06-2009: Borealis announces a net loss of EUR 56 million for the first quarter of 2009, a 54%
improvement compared to the last quarter of 2008 as the company quickly
reacts to the most significant global demand shock in decades. Focused
working capital management contributed to a net debt reduction of EUR 98
million versus the end of the fourth quarter of 2008 and an improved
gearing ratio of 43%, from 47% at the end of the fourth quarter of 2008.
Despite the continuous extremely challenging market conditions, both
polyolefins sales volumes and prices have shown some recovery during
the first quarter of 2009. Results were negatively impacted by the high cost
inventory produced in the fourth quarter of 2008 which was largely cleared
in the first quarter of 2009. This effect contributed to a majority of the operating losses in the quarter. The contribution of Borouge was soft
during the first quarter, partly due to a scheduled maintenance shut down.
In April, Borealis announced that Borouge 3 has entered the engineering
and design stage and will come on stream at the end of 2013, adding
another approximately 2.5 million tons per year (t/y) of polyolefins capacity.
Borouge 3 is a further expansion of Borealis’ joint venture with ADNOC
(Abu Dhabi National Oil Company) in Abu Dhabi to meet the growing
demands of the high value polyethylene and polypropylene markets in the
Middle East and Asia and will specifically add low-density polyethylene
capability for the growing wire and cable market to Borouge’s portfolio.
Borealis’ 350,000 t/y low-density polyethylene plant in Stenungsund,
Sweden, which supplies the wire and cable market, will be completed
according to plan by the end of this year. The expansion of the
international Innovation Headquarters in Linz, including an application hall,
storage facilities, a state-of-the-art polymerisation laboratory and office
building, is on track to be completed in autumn of this year.
“After a dramatic drop in demand, the world economy has stabilised at a
low level. We do not expect real demand to recover before the end of
2010,” comments Mark Garrett, Borealis Chief Executive. “Borealis
continues to work hard to ensure a competitive cost position while making
no compromises on safety. The investments in Abu Dhabi and
Stenungsund as well as the expansion of our Innovation Headquarters in
Linz confirm our long-term commitment to providing innovative solutions to
the market and will guarantee a strong competitive position when the
global economy recovers.”
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Wim Roels appointed new CEO of Borouge Pte
Borealis announces the appointment of Wim Roels with effect from July 1, 2011 to lead Borouge Pte, the Marketing Company of Borouge, a joint venture between Borealis and ADNOC. Appointed to drive forward the further growth of Borouge together with Abdulaziz Alhajri, CEO of Abu Dhabi Polymer ... more
Borouge signs major contracts valued at US$ 2.6 billion to advance its strategic Borouge 3 expansion
Borouge, a joint-venture between the Abu Dhabi National Oil Company (ADNOC) and Borealis, formally signed three major Engineering, Procurement and Construction (EPC) contracts valued at approximately US$ 2.6 billion for its Borouge 3 strategic expansion in Ruwais, Abu Dhabi, in the UAE. Th ... more
Borouge awards AED 260 million contract to Ascon for the construction of its Innovation Centre
Borouge, a joint-venture between the Abu Dhabi National Oil Company (ADNOC) and Borealis, has awarded the contract worth AED 260 million for the construction of its Innovation Centre in Abu Dhabi, UAE, to Associated Construction and Investments Company (ASCON), the civil arm of the ETA-ASCO ... more
Borealis, has announced the winners of its 2011 Borealis Student Innovation Awards. On January 19, 2012 Alfred Stern, Borealis Senior Vice President Innovation & Technology, presented Rana Qudaih and Dr. Said Mehdiabadi with their awards, certificates and monetary prizes at the Lentos Kunst ... more
Borealis increases polyethylene and polypropylene prices
Borealis announced that it will increase all polyethylene and polypropylene prices by EUR 100/tonne for January, 2012. “This decision to increase prices reflects our assumptions on the economic development and it's necessary for the implementation of our Value Creation through Innovation st ... more
Borealis made offer to acquire PEC-Rhin from GPN
Borealis has made a firm offer to GPN to acquire PEC-Rhin in its entirety. This is related to GPN, which owns a 50% interest in PEC-Rhin, having exercised its pre-emption right for the remaining 50% stake from BASF SE. Following this firm offer, the relevant employee representatives are bei ... more
With more than 40 years of experience in polyolefins and using our unique Borstar® technology, we focus on providing plastic materials to the infrastructure, automotive and advanced packaging markets across Europe, the Middle East and Asia. Our production facilities, innovation centres and ... more
With more than 50 years of experience in polyolefins and using our unique Borstar® technology, we focus on providing plastic materials to the infrastructure, automotive and advanced packaging markets across Europe, the Middle East and Asia. Our production facilities, innovation centres an ... more
Borouge signs major contracts valued at US$ 2.6 billion to advance its strategic Borouge 3 expansion
Borouge, a joint-venture between the Abu Dhabi National Oil Company (ADNOC) and Borealis, formally signed three major Engineering, Procurement and Construction (EPC) contracts valued at approximately US$ 2.6 billion for its Borouge 3 strategic expansion in Ruwais, Abu Dhabi, in the UAE. Th ... more
Borouge awards AED 260 million contract to Ascon for the construction of its Innovation Centre
Borouge, a joint-venture between the Abu Dhabi National Oil Company (ADNOC) and Borealis, has awarded the contract worth AED 260 million for the construction of its Innovation Centre in Abu Dhabi, UAE, to Associated Construction and Investments Company (ASCON), the civil arm of the ETA-ASCO ... more
Borouge signs an agreement to build second compounding plant in China
Borouge, a joint-venture between the Abu Dhabi National Oil Company (ADNOC) and Borealis announced its intention to build a second manufacturing plant in China at the signing of an agreement with the Nansha Municipal Government on May 28, 2010. Speaking at the signing ceremony in Guangzhou ... more
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