FINANCIAL NEWS

Abu Dhabi- Borouge awards deals worth $2.6b

27 May 2010

(MENAFN) Abu Dhabi-based polymer producer Borouge said it has awarded three major engineering, procurement and construction (EPC) contracts collectively valued at about $2.6 billion for its Borouge III expansion project in Ruwais, Khaleej Times reported.

By the end of 2013, when the production starts, Borouge will be able to make up to 4.5 million tons a year of polyethylene and polypropylene for the Middle East and Asian consumption.

The current capacity of Borouge I plant, which started production in 2001, is 600,000 tons of polyethylene. Borouge is currently expanding its capacity to two million tons a year under the name of Borouge II, which will enable the company to produce polypropylene as well, from the second half of this year.

With the completion of the multi-billion dollar Borouge II and Borouge III projects, Abu Dhabi is poised to become an important player in the global petrochemical market.

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