Abu Dhabi – Mubasher: Abu Dhabi National Oil Co. (ADNOC) on Sunday announced signing two deal with Austria’s Borealis to expand its footprint in the petrochemical sector and for the construction of a new plant.
Through the first agreement, ADNOC and Borealis seek to expand their work in the Al Ruwais, an industrial city in Abu Dhabi, by continuing with the next design and construction phase for the new Borouge 4 complex, ADNOC revealed in a statement.
The complex is scheduled “to come on stream” by around 2023, the Abu Dhabi-based company added.
As for the second deal, the two companies agreed to “release a tender in 2017 for new Borstar® polypropylene plant adding 0.5 million tonnes per annum,” ADNOC said via its official Twitter account.
Commenting on the agreements, ADNOC’s CEO Sultan Ahmed Al Jaber said: “We are committed to realizing downstream growth and stretching the value from every barrel of oil we produce.”
Al Jaber, who doubles as the minister of state in the UAE, further said ADNOC was “determined to work with like-minded partners, such as Borealis to unlock and create long-term value for UAE."
Abu Dhabi-based Mubadala owns a 64% stake in the Austrian Borealis, while the remaining 36% is owned by Austria-based OMV.
