11 November 2011 09:24 [Source: ICIS news]
LONDON (ICIS)--Austria-based Borealis reported a 98% year on year rise in net profits to €107m ($145m) in the third quarter, largely on the expansion of its Abu Dhabi joint venture, the polyolefins company said on Friday.
Sales grew by 10% year on year in the quarter to €1.8bn.
In the first nine months of 2011, net profits rose by to €448m from €200m in the the year-earlier period on sales up 19% at €5.5bn.
Borealis said its joint venture with Abu Dhabi National Oil Co (Adnoc), known as Borouge 2, significantly helped its third quarter results and is now fully on stream.
“Borouge performed well in the third quarter, continuing to successfully ramp up production of new polyethylene (PE) and polypropylene (PP) grades at its plant in Ruwais, ?xml:namespace>
“The distribution of the additional volumes to Borouge's customers is supported by the three logistics hubs in
Borealis said that further expansion is in progress with the Borouge 3 project, which will increase the annual production capacity of the production complex at Ruwais to 4.5m tonnes from 2.5m tonnes by 2014.
($1 = €0.74)
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