Borouge Plc, a leading petrochemicals company offering innovative polyolefins solutions, has announced plans to accelerate its growth in Asia through a strategic consortium. The consortium, which includes Borouge, ADNOC, and Borealis, has signed a Project Collaboration Agreement (PCA) with Wanhua Chemical and its subsidiary Wanrong New Materials (Fujian) in China.
The proposed speciality polyolefins complex in Fuzhou, Fujian Province, aims to produce 1.6 million tonnes per annum (MTPA) using Borealis’ advanced Borstar technology and Borouge’s extensive sales network. The consortium plans to establish a joint venture with Wanrong New Materials (Fujian) on a 50:50 basis, pending regulatory approvals.
Dr. Sultan Ahmed Al Jaber, UAE Minister of Industry and Advanced Technology, Managing Director and Group CEO of ADNOC, and Chairman of Borouge, attended the signing ceremony in Beijing. Hazeem Sultan Al Suwaidi, CEO of Borouge PLC, represented Borouge, while Kou Guangwu, CEO of Wanhua Chemical Group, represented their side.
Hazeem Sultan Al Suwaidi commented, “This strategic initiative strengthens UAE-China economic ties and accelerates Borouge’s expansion in China, promising value for shareholders. Leveraging our partners’ strengths in technology, innovation, logistics, and customer networks, we aim to swiftly complete a sustainable feasibility study to reduce emissions.”
This initiative enhances Borouge’s position in China’s growing polyolefins market, supporting its international growth ambitions. The project will benefit from synergies within the ADNOC Group and Wanhua Chemical’s market expertise, aiming for net zero emissions and promoting the circular economy with 100% zero-carbon electricity.
Further decisions on project structure and finances will follow the feasibility study, which will explore AI solutions for plant operations. Borouge’s substantial presence in China, contributing nearly 30% of its 2023 revenue, underscores its commitment to robust growth in the country.
