Borouge and China Wanrong New Materials plan to develop an integrated specialty polyolefins facility in Fujian, China

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Announced on April 17, Borel, which is listed in Abu Dhabi, has signed a 50:50 joint venture agreement with China Wanrong New Materials Company to develop a new pyrolysis and polyethylene complex in Fujian, China. In a statement, Bollore said that the joint venture agreement (subject to regulatory approval) establishes the governance and financing structure for further development of the project. On July 23, 2024, Borouge Pte. Ltd. announced that, through a strategic joint investment model, it aims to build an integrated specialty polyolefins facility in China to facilitate its growth in key Asian markets. The investment consortium comprising Borealis, Abu Dhabi National Oil Company** and Nordisk Chemie has signed a project cooperation agreement with China’s Wanhua Chemical and its holding company, Wanrong New Materials (Fujian) Co., Ltd. The integrated facility planned to be built in Fuzhou, Fujian Province, is intended to produce 1.6 million tons of specialty polyolefins per year, making full use of Nordchem’s advanced Borstar® proprietary technology as well as Bolu’s extensive sales network. The investment consortium is interested in partnering with Wanrong New Materials (Fujian) Co., Ltd. to establish a Sino-foreign joint venture, in compliance with relevant laws and regulations as well as standard regulatory requirements, with both parties holding 50:50 shares in the venture. This project will make full use of the industry and business expertise and technologies of Borouge and Nordisk Chemie, as well as the supply chain and logistics coordination capabilities of Abu Dhabi ** Petroleum Company. Meanwhile, the project will also benefit from Wanhua Chemical’s strong performance and network in the Chinese market, China’s competitive construction and energy costs, as well as an accelerated implementation schedule. The partner companies have set their net-zero emissions targets and pledged to develop products that promote the circular economy. With the support of the local government, the partners plan to use 100% carbon-free electricity to power the special polyolefin integrated facility that is to be built.