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FINANCIAL NEWS
Borouge, Hyundai sign $169 million deal
29 Jan 2011
(MENAFN) Borouge, the joint venture between the Abu Dhabi National Oil Company (ADNOC) and Borealis, said that the company signed a contract with Hyundai Engineering and Construction of South Korea worth $169 million under which the latter would construct a cross-linkable polyethylene (XLPE) unit at Borouge’s petrochemical plant in Ruwais in Abu Dhabi, reported Gulf News.
The new unit would have the capacity of 80,000 tons per year and would boost the existing low density polyethylene (LDPE) unit and thus boosting the total production of the Borouge’s low high voltage energy cables.
This agreement comes under the company’s 3 mega-expansion project which is already being applied Abu Dhabi where Hyundai Engineering and Construction is providing other Utilities and Offsite facilities for the expansion. This deal would be the final major one granted under the expansion project.
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