Joint press release from Borouge and The Linde Group: Borouge awards
USD 1.075 billion contract for
Joint press release from Borouge and The Linde Group: Borouge awards USD 1.075 billion contract for ethane cracker in Abu Dhabi to The Linde Group
(Thomson Reuters ONE) - Corporate news announcement processed and transmitted by Hugin AS.The issuer is solely responsible for the content of this announcement. ------------------------------------------------------------------------------------ * Borouge awards contract for construction of an ethane cracker worth USD 1.075 billion to The Linde Group * Third ethane cracker in Abu Dhabi, also one of the world's largest, will have an annual production capacity of 1.5 million tonnes of ethylene * Contract marks the first major milestone and confirms Borouge's commitment to its Borouge 3 expansionAbu Dhabi/Munich, 2 July 2009 - Borouge, a leading provider ofinnovative, value creating plastics solutions, has awarded a contractworth USD 1.075 billion to The Linde Group, a world leading gases andengineering company, to build another 1.5 million tonnes per year(t/y) ethane cracker at its production site in Ruwais, Abu Dhabi,United Arab Emirates."The awarding of this contract confirms Borouge's commitment to theBorouge 3 project, a major expansion of our production facility inRuwais, which will increase the total capacity of the plant to 4.5million tonnes of polyolefins annually by the end of 2013," saysAbdulaziz Alhajri, CEO of Abu Dhabi Polymers Company (Borouge). "Inaddition to the ethane cracker, the expansion includes theconstruction of second generation Borstar® polypropylene andpolyethylene units, a low density polyethylene unit and a Buteneunit, as well as related off-site utilities and marine facilities.""Nowhere else in the world has a petrochemical company installed somuch olefins capacity in such a short time as Borouge is currentlydoing in Abu Dhabi," says Dr Aldo Belloni, member of the ExecutiveBoard of Linde AG. "We at Linde Engineering are proud to be thesupplier of ethylene technology for the Ruwais complex. Ourrelationship with ADNOC, enriched by our gases joint venture'Elixier', and Borealis is now stronger than ever, thus making TheLinde Group the leading gases and engineering company in the MiddleEast."The contract will be executed on a 'lump sum turnkey' basis wherebythe construction work will be executed by the ConsolidatedContractors Company (CCC). The new cracker, the third of its kind tobe built by The Linde Group for Borouge in one decade, complementsthe 600,000 t/y and 1.5 million t/y ethane crackers, the latter ofwhich is currently under construction as part of the plant'sexpansion from 600,000 to 2 million t/y of polyolefins by mid-2010,and ultimately 4.5 million tonnes of polyolefins annually by 2013.After completion of the new cracker, Borouge will have the world'slargest ethane cracker complex, setting a new benchmark for theindustry.Borouge is a joint venture between the Abu Dhabi National Oil Company(ADNOC), one of the world's largest oil and gas companies, andBorealis, a leading provider of chemical and innovative plasticssolutions. The awarding of the contract is a major milestone in theCompany's growth strategy in the infrastructure, automotive andadvanced packaging markets in the Middle East and Asia, and is animportant step in the development of the Abu Dhabi petrochemicalslandscape.Borouge and Borealis are leading providers of innovative, valuecreating plastics solutions. With more than 40 years of experience inpolyolefins and using our unique Borstar® technology, we focus on theinfrastructure, automotive and advanced packaging markets. We haveproduction facilities, innovation centres and service centres acrossEurope, the Middle East and Asia Pacific and work with customers inmore than 170 countries around the world to provide plastic materialsthat make an essential contribution to society and to sustainabledevelopment. We are committed to the principles of Responsible Care®and to leading the way in 'Shaping the Future with Plastics(TM)'.For more information on Borealis and Borouge, a joint venture betweenBorealis and the Abu Dhabi National Oil Company (ADNOC), visitwww.borouge.com and www.borealisgroup.comThe Linde Group is a world leading gases and engineering company withalmost 52,000 employees working in around 100 countries worldwide. Inthe 2008 financial year it achieved sales of EUR 12.7 billion. Thestrategy of The Linde Group is geared towards sustainableearnings-based growth and focuses on the expansion of itsinternational business with forward-looking products and services.Linde acts responsibly towards its shareholders, business partners,employees, society and the environment - in every one of its businessareas, regions and locations across the globe. Linde is committed totechnologies and products that unite the goals of customer value andsustainable development.For more information, see The Linde Group online athttp://www.linde.comFor additional information:BorougeCraig HalgreenVice President Global CommunicationsTelephone: +971.2.6070-807Email craig.halgreen(at)borouge.comThe Linde GroupPress Investor RelationsStefan Metz Robert SchneiderTelephone: +49.89.35757-1322 Telephone: +49.89.35757-1332Email stefan.metz(at)linde.com Email robert.scheider(at)linde.comhttp://hugin.info/125064/R/1326709/312359.pdf --- End of Message ---Linde AGKlosterhofstrasse 1 Munich GermanyWKN: 648300; ISIN: DE0006483001; Index: CDAX, DAX, HDAX, Prime All Share;Listed: Prime Standard in Frankfurter Wertpapierbörse, Freiverkehr in Niedersächsische Börse zu Hannover, Regulierter Markt in Bayerische Börse München, Regulierter Markt in Börse Berlin, Regulierter Markt in Börse Düsseldorf, Regulierter Markt in Börse Stuttgart, Regulierter Markt in Frankfurter Wertpapierbörse, Regulierter Markt in Hanseatische Wertpapierbörse zu Hamburg;
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Datum: 02.07.2009 - 06:20 Uhr
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