Borouge profits sank nearly 30% in 2023 to $1bn amid a challenging environment for petrochemical firms. The firm is a JV between Adnoc (54%) and Austria’s Borealis (36%), with 10% listed on the Abu Dhabi Exchange (ADX). It has total polymer capacity of 5mn t/y at Abu Dhabi’s Ruwais downstream hub, and aims to increase this to 6.4mn t/y next year through the $6.2bn Borouge-4 facility.
Despite the overall drop, profits increased each quarter last year, climbing from $201mn in Q1 to $288mn in Q4. Nevertheless, Borouge says that “the polyolefins market remains challenging in 2024 against the backdrop of macroeconomic and geopolitical uncertainty, short term polyolefin capacity increases and muted global demand.” (CONTINUED - 381 WORDS)
