A consortium of Adnoc, Borouge and Borealis has signed a Project Collaboration Agreement (PCA) with China’s Wanhua Chemical and its Wanrong New Materials (Fujian) subsidiary to develop a 1.6mn t/y speciality polyolefins complex in China’s southeastern port city of Fuzhou in Fujian province.
In a 23 July announcement, Borouge says that the consortium intends to establish a 50:50 joint venture with Wanrong to develop the new complex. Borouge is an Abu Dhabi headquartered company majority owned by Adnoc (54%) and Borealis (36%), with 10% listed on Abu Dhabi’s ADX exchange. Borealis in turn is a joint venture between Adnoc (25%) and Austria’s OMV (75%). Talks are ongoing to merge Borealis and Borouge, but progress has slowed (MEES, 28 June). (CONTINUED - 764 WORDS)
