30 January 2013 10:06 [Source: ICIS news]
LONDON (ICIS)--Borealis will invest €46m ($61m) into its European manufacturing plants in Stenungsund, Sweden and Porvoo, Finland, to help strengthen the group’s regional supply, the Austria-based producer said on Wednesday.
The company will invest €21m into its C4 project in Stenungsund in order to upgrade the facility’s existing raffinate-1 and raffinate-2 streams to meet required product specifications for the delivery of n-butenes, it said.
The upgrade is scheduled for completion by 1 March 2015. The project contracting process began in December 2012, Borealis added.
In Porvoo, Borealis will replace a 30-year old hot oil heater unit at its phenol complex. The installation of the new heater, scheduled for 2015, will help improve efficiency and site integration, the company said.
Borealis added that the new unit, which is costing €25m, will reduce maintenance requirements and carbon dioxide (CO2) emissions.
Mark Garrett, Borealis CEO, said: “The upgrade projects in Stenungsund and Porvoo indicate our commitment to European locations and the customers and markets they serve, whilst making an important contribution to our Base Chemicals business.”
Khadem Al Qubaisi, chairman of the Borealis supervisory board, said: “The Supervisory Board’s approval of these two investments underlines their support for Borealis’ strategy to have one of the youngest fleets in Europe and the role of these facilities in sustaining Borealis’ local and global commitment to create value for customers.”
($1 = €0.74)
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