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UAE's Borouge and Spain's Tecnicas sign $1.39 billion deal

By Reuters
United Arab Emirates petrochemicals company Borouge has finalised a $1.39 billion contract with Spain's Tecnicas Reunidas for work on an expansion project that will triple Borouge's polyolefins output.

The deal was initially awarded in 2007 and is for utilities and offsite work at the Borouge 2 facilities under construction at the company's petrochemicals complex in Ruwais.

"Upon the completion of Borouge 2 in 2010, Borouge's production capacity will triple to over two million tonnes of polyolefins," Abdulaziz al-Hajri, chief executive of Borouge Abu Dhabi Polymers, said in a statement."This will enable Borouge to supply its customers with high performance and value added products for an increasingly wide range of applications in all its target markets."

Borouge, a joint venture between Denmark-based petrochemical group Borealis and state-run Abu Dhabi National Oil Co, has a production complex located in the emirate of Abu Dhabi and near the 415,000 barrel per day Ruwais oil refinery, the largest in the UAE federation.