Abu Dhabi based petrochemicals venture Borouge saw profits slumped by 39% year-on-year over the first nine months of 2023 amid a weakening market. The firm expects market conditions to remain challenging in the near term, citing the slow pace of economic recovery in Asia and capacity additions globally. Petrochemicals firms across the globe have suffered with the market downturn over the past year.
Borouge is a UAE-listed firm with 10% traded on Abu Dhabi’s ADX since 2022. State firm Adnoc holds 54% and petchems firm Borealis the remaining 36% – Borealis is itself a joint venture between Adnoc (25%) and Austria’s OMV (75%). Borouge has total polymer capacity of 5mn t/y at Abu Dhabi’s downstream hub of Ruwais, where it is also developing the $6.2bn, 1.5mn t/y Borouge-4 facility. (CONTINUED - 862 WORDS)
