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FINANCIAL NEWS
Abu Dhabi’s Borouge to expand by $10b
09 Jan 2011
(MENAFN) The vice president of Abu Dhabi’s government petrochemical joint venture Borouge, Hussain Lootah, said that the company plans an expansion in production through an investment of around ten billion dollars in facilities, reported The National.
The vice president said that the company would also work on attracting more investments of high-tech plastics manufacturing companies to the UAE in order to absorb Borouge’s increased production.
Lootah added that the company also plans new distribution points near India’s manufacturing hubs. He said that new markets within and outside the country would be crucial to the company’s production increase. Borouge plans for polymer production to jump to 4.5 million tons by 2014.
It is worth noting that the company has already existing distribution points in Shanghai, Guangzhou and Singapore. The company is currently constructing an export terminal in Ruwais in Abu Dhabi.
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