Abu Dhabi based petchems firm Borouge released its full-year results on 2 February, unveiling a $511mn year-on-year increase in revenues to $6.727bn for 2022. This was the first set of annual results since the completion of an IPO in June last year (MEES, 3 June 2022). Following the flotation, Adnoc holds a 54% stake, Austria’s Borealis 36%, with 10% listed on the Abu Dhabi Exchange (MEES, 27 May 2022).
Borouge says the revenue boost “was driven by a 14.9% increase in total polyolefin sales volumes.” Total sales increased to 5.08mn tons for 2022, thanks to the February 2022 startup of the 480,000 t/y PP5 unit in Ruwais (MEES, 25 February 2022). PP5 lifted Borouge’s total polymer capacity to 5mn t/y, with polypropylene capacity up by more than 25% to 2.24mn t/y. The full year figures show that facilities were essentially maxed out last year. (CONTINUED - 514 WORDS)
