Abu Dhabi National Oil Company has signed a framework agreement with Borealis to advance two key projects that will expand their joint petrochemical activities in Ruwais.
In a statement, Adnoc said the agreement was part of the company’s aim to expand petrochemical from the current 4.5 tonnes per annum to 11.4 million tonnes a year by 2025. It did not, however, dislose the value of the deal.
Under the deal, Adnoc and Borealis will move to the front-end engineering and design stage for the construction of the Borouge 4 complex, which is expected to come on steam around 2023. “The Borouge 4 complex and polypropylene plant will allow us to grow our current petrochemical production to almost 10 million tonnes per year, enabling us to take advantage of the market opportunities we have identified, particularly in Asia, where the high-grade polymer market is set to double by 2040.
