Abu Dhabi: Pure Streams of Polymers Is Borealis Planning a Multibillion Dollar Investment in the Middle East?
With reference to Bloomberg, the online portal Downstreamtoday reports, that Borealis is exploring growth in North America and Russia while considering expansion into new industries.
Abu Dhabi/UAE – Currently, the Abu Dhabi-owned plastics maker looks to build on a $ 10 billion investment in Middle Eastern petrochemical operations.
"The company’s profit margins and earnings are rising while debt levels are low, making now the time for the next strategic move," Bloomberg quotes Chief Financial Officer Mark Tonkens. "A list of possible deals includes acquisitions in fertilizer and investing in the recycling industry," Chief Executive Officer Mark Garrett said in the same interview. “We started with a huge funnel of projects and are narrowing them down,” said Garrett and continued: “We’d hope to announce a few things in the next 18 months.” “We’re now at this place where at the bottom of the cycle we should still be making good money and at the top of the cycle we can make really good money”.
"While there’s scope to generate an additional 1 million metric tons of output from the rapidly-built petrochemical plants known as Borouge by boosting efficiency, a waning of ethane supplies in the Middle East means it doesn’t make sense to open another multi-billion-dollar complex," the CEO was quoted. "Rather than taking on the job of collecting and sorting rubbish, Borealis is interested in processing used plastics into near pure streams of polymers that can be blended with output from Borealis’s existing plants Borealis may invest in some companies to raise the purity of the recycled material," Garrett said in the interview with Bloomberg.