Borouge, the joint venture between Adnoc and Austrian chemicals producer Borealis, has opened Borouge Global Gateway at Khalifa Port in Abu Dhabi as the company looks to boost exports of its petrochemical products.
Borouge Global Gateway consists of a new warehouse, the size of more than 40 football pitches. The facility will enable Borouge to store 180,000 tonnes of polyolefins every day, with 2.5 million tonnes per year throughput, the company said in a statement on Wednesday.
The new unit will be owned and managed by Adnoc Logistics and Services (Adnoc L&S).
“The inauguration of the Borouge Global Gateway is a key milestone in our growth, as we enhance our global supply chains and further capitalise on the growing demand for our innovative solutions,” Hazeem Al Suwaidi, chief executive of Borouge, said.
“These world-class facilities will further optimise our operational efficiencies and cost competitiveness.”
Established in 1998, Borouge is a petrochemical company that employs more than 3,000 people and serves customers in more than 50 countries across Asia, the Middle East and Africa. It provides polyolefin solutions for the agricultural, infrastructure, energy, advanced packaging, mobility and healthcare industries.
Adnoc owns 54 per cent of the company, while Borealis controls 36 per cent.
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Borouge listed on the Abu Dhabi Securities Exchange (ADX) in June after raising $2 billion in an initial public offering in Abu Dhabi's biggest listing. It recently said it remains confident about reporting a profit for the 2022 financial year.
The company is expanding its production capacity in response to higher demand for its products globally, it said.
In the first quarter of 2022, Borouge started its fifth polypropylene unit in Al Ruwais Industrial City, raising its production capacity by more than 25 per cent.
“We have made significant investments in developing the Borouge Global Gateway, that will cover all of Borouge’s logistics requirements, from the production site and feeder vessel services to main port logistics,” Capt Abdulkareem Al Masabi, chief executive of Adnoc L&S, said.
Borouge reported a 14 per cent jump in its nine-month revenue on the back of higher sales volumes of a key petrochemical product.
Revenue for the nine-month period to the end of September 2022 climbed to about $5bn from the same period in 2021, the company said in an earnings filing last month.
Total sales volumes grew about 12 per cent as the company ramped up production from its fifth polypropylene unit.