Agency / Source: Borealis AG

Check Ads Availability|e-mail Article

Are you the owner of this article?, Turn it PREMIUM with your LOGO instead - and make it 3rd party Ads-Free! within the next hour!

Borealis and UCC Sign Joint Development Agreement in Abu Dhabi for Advancing World-scale Polyethylene Project - Borealis and UCC sign Joint Development Agreement in Abu Dhabi for advancing world-scale polyethylene project during the visit of the President of Kazakhstan with the Crown Prince of Abu Dhabi - UCC.com.kz / BorealisGroup.com
Borealis and UCC Sign Joint Development Agreement in Abu Dhabi for Advancing World-scale Polyethylene Project

 

PRZOOM - /newswire/ - Vienna, Austria, 2018/03/26 - Borealis and UCC sign Joint Development Agreement in Abu Dhabi for advancing world-scale polyethylene project during the visit of the President of Kazakhstan with the Crown Prince of Abu Dhabi - UCC.com.kz / BorealisGroup.com. Borealis

   
 
Your Banner Ad Here instead - Showing along with ALL Articles covering Manufacturing/Robotics Announcements

Replace these Affiliate Programs at ANYTIME! Your banner here within the next hour. Learn How!


 

Borealis and United Chemical Company LLP (UCC) have signed a Joint Development Agreement (JDA) for the development of a world-scale polyethylene project, integrated with an ethane cracker, in the Republic of Kazakhstan.

Simultaneously, a government support agreement was signed between the two companies and Samruk-Kazyna Chief Executive Akhmetzhan Yessimov as well as the government of the Republic of Kazakhstan, represented by the Minister of Energy, Mr. Kanat Bozumbayev. A Memorandum of Understanding (MoU) was also signed to cooperate on a 500 ktpa polypropylene project that is currently being implemented by Samruk-Kazyna Sovereign Wealth Fund and is under construction. The agreements were ceremoniously signed in Abu Dhabi on 24 March 2018 by the Ministers of Energy of Kazakhstan and of the UAE, in the presence of the President of Kazakhstan, H.E. Nursultan Nazarbayev and the Crown Prince of Abu Dhabi, H.H. Mohammed bin Zayed bin Sultan Al-Nahyan.

The companies, represented by Mark Garrett, Borealis Chief Executive and by Zhenis Osserbay, UCC Chief Executive, then also signed the agreements.

The signing of the JDA comes after the successful conclusion of a pre-feasibility study. The project will now move into the feasibility study phase, which is expected to run until Q1 2019. After the successful completion of the feasibility study confirming the attractive project parameters, a local JV with UCC will be set up*.

The scope of the JDA will include the construction of an ethane cracker and 2 Borstar® PE units, with a total capacity of 1.250 ktpa and with a pre-investment in the cracker for future expansion. The final investment decision on the project is expected to be taken in 2020 and start-up would be scheduled for 2025.

Through this strategic partnership, Borealis and UCC are exploring the opportunities of jointly developing the Kazakhstan polyolefin industry.

“The project is well aligned with the country’s strategy to develop its petrochemical industry and would serve as a strong basis for establishing Kazakhstan on the global polyolefin market,” said Samruk-Kazyna Chief Executive Akhmetzhan Yessimov.

“This project would significantly strengthen Borealis’ position in the CIS markets; adjacent to our home market, with growth rates above WE and significant potential for development of advanced PE business based on our Borstar technology,” said Borealis Chief Executive Mark Garrett.

“A polyethylene plant of this scale would be a significant step forward in creating long term, sustainable value for Kazakhstan from its petrochemical industry,” said Zhenis Osserbay, UCC Chief Executive. “We look forward to continuing our work with Borealis in developing this opportunity.”

* Subject to regulatory approvals

UCC Contact: Askar Zhusupov - External Communications
T: +7 7172 73 71 27 - E: zhusupov[.]ucc.com.kz.

About Borealis
Borealis (borealisgroup.com) is a leading provider of innovative solutions in the fields of polyolefins, base chemicals and fertilizers. With its head office in Vienna, Austria, the company currently has around 6,600 employees and operates in over 120 countries. Borealis generated EUR 7.5 billion in sales revenue and a net profit of EUR 1,095 million in 2017. Mubadala, through its holding company, owns 64% of the company, with the remaining 36% belonging to Austria-based OMV, an integrated, international oil and gas company. Borealis provides services and products to customers around the world in collaboration with Borouge, a joint venture with the Abu Dhabi National Oil Company (ADNOC).

About UCC
The “United Chemical Company” LLP (ucc.com.kz) was established in 2009, following the decision of the Board of Directors of the “National Welfare Fund” Samruk-Kazyna JSC on 28 November 2008. This decision followed the request from the President of the Republic of Kazakhstan (RK) at the enlarged Government meeting of the RK on 13 October 2008, which was devoted to the “establishment of a special company devoted to dealing with chemical industry projects.

UCC LLP is now the operator in developing the Kazakhstan petrochemical industry. It ensures the diversification and modernization of the petrochemical and chemical sector and fosters sustainable development by attracting investments and by supporting small and medium-sized businesses.

Borstar is a registered trademark of the Borealis Group.

 
 
Your Banner Ad Here instead - Showing along with ALL Articles covering Manufacturing/Robotics Announcements

Replace these Affiliate Programs at ANYTIME! Your banner here within the next hour. Learn How!


 

Agency / Source: Borealis AG

 
 

Availability: All Regions (Including Int'l)

 

Traffic Booster: [/] Quick PRZOOM - Press & Newswire Visibility Checker

 

Distribution / Indexing: [+] / [Company listed above is a registered member of our network. Content made possible by PRZOOM / PRTODAY indexing services]

 
 
# # #
 
 
  Your Banner Ad showing on ALL
Manufacturing/Robotics articles,
CATCH Visitors via Your Competitors Announcements!


Borealis and UCC Sign Joint Development Agreement in Abu Dhabi for Advancing World-scale Polyethylene Project

Company website links NOT available to basic submissions
It is OK to republish and/or LINK any newswire for any legitimate media purpose as long as you name PRZOOM - Press & Newswire and LINK as the source.
 
  For more information, please visit:
Is this your article? Activate ALL web links by Upgrading to Press Release PREMIUM Plan Now!
|
Contact: Patrick Laureys - BorealisGroup.com 
+43 1 22 400 726 patrick.laureys[.]borealisgroup.com
 
PRZOOM / PRTODAY - Newswire Today disclaims any content contained in this article. If you need/wish to contact the company who published the current release, you will need to contact them - NOT us. Issuers of articles are solely responsible for the accuracy of their content. Our complete disclaimer appears here.
IMPORTANT INFORMATION: Issuance, publication or distribution of this press release in certain jurisdictions could be subject to restrictions. The recipient of this press release is responsible for using this press release and the information herein in accordance with the applicable rules and regulations in the particular jurisdiction. This press release does not constitute an offer or an offering to acquire or subscribe for any Borealis AG securities in any jurisdiction including any other companies listed or named in this release.

Manufacturing/Robotics via RSSAdd NewswireToday - PRZOOM Headline News to FeedBurner
Find who RetweetFollow @NewswireTODAY

Are you the owner of this article?, Turn it PREMIUM with your LOGO instead - and make it 3rd party Ads-Free! within the next hour!


Read Latest Press Releases From Borealis AG / Company Profile


Read Manufacturing/Robotics Most Recent Related Press Releases:

Voith Linear Jet Earns International Superyacht Society 2019 Technology Award
KRAIBURG TPE Supplies Co-extruded TPEs with Optimum Adhesion to PA for High-quality Corrugated Tubes
DSM Partners with METEX NØØVISTA to Produce A 100% Bio-sourced Cosmetic Ingredient
LANXESS Signs 'Sustainable' Revolving Credit Facility of EUR 1 Billion
BASF Designfabrik® Presents ‘Material Selection N°1’
PPG Receives Achiever Award from Uni-Select for Commitment, Support of Collision Repair Industry
MSI Mold Builders Expanding Operations in Greenville County, South Carolina
PPG Begins Using Titanium Dioxide Pigment from Lomon Billions’ New Chloride Production Line
KRAIBURG TPE Offers the TPE Series Compounds that Meet the Quality Requirements for Toys and Novelty Games Targeted for Adults
LANXESS Acquires Brazilian Biocide Manufacturer

Boost Your Social Network
& Crowdfunding Campaigns


LIFETIME SOCIAL MEDIA WALL
 
NewswireToday Celebrates 10 Years in Business
.



PREMIUM Members


Visit  Limelon Advertising, Co.

Visit  medeuronet UK Ltd

Visit  JobsWare.com







 
  ©2019 PRZOOM - Limelon Advertising, Co.
Home | About PRZOOM | Advertise/Pricing | Contact | Investors | Privacy/TOS | Sitemap | FRANCAIS
newswire, PR press releases distribution service magazines engine news alert newsroom press room breaking news public relations articles company news alerts newswiredistribution ezine bizentrepreneur biznewstoday digital business report market search pr firms agencies reports distri-bution today investor relation successful internet entrepreneur newswire distribution prtoday.com freenewswiredistribution asianewstoday bizwiretoday USA pr UK today