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FINANCIAL NEWS
Borouge to build second plant in China
31 May 2010
(MENAFN) Abu Dhabi-based Borouge said that it has signed an agreement to build a second production plant in Guangzhou, China, with a capacity of 105,000 tons of compounded polypropylene resin per annum, Khaleej Times reported.
The announcement closely follows the inauguration of Borouge’s first compounding plant in Shanghai on April 20, and presents the opportunity for the company to strengthen its presence in China, the company said in a statement.
The new compounding plant will also benefit from the Application Research and Development Centre being established in Shanghai and the Innovation Centre being built in Abu Dhabi.
Borouge is expanding its presence in the Chinese chemical market by investing nearly $400 million in three projects, according to earlier reports. The company is setting up a plant and two logistics centers in Shanghai and Guangzhou.
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BBK’s General Assembly Approves 35% Cash Dividend Distribution to Shareholders
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