Borealis states states that it is ‘well prepared’ for an industry upswing, which it expects to start in 2011 and beyond.
The company will continue to maintain its investments in long-term growth drivers such as the new low density polyethylene (LDPE) plant in Stenungsund, Sweden, which is expected to be inaugurated in June 2010; the expanded headquarters in Linz, Austria; Borouge 2, which is expected to triple the polyolefins capacity at its Abu Dhabi joint venture to 2m tonnes/year; and Borouge 3, which will add an additional 2.5m tonnes/year of polyolefins capacity in the Middle East.
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In addition, the company will continue to focus on cost competitiveness and cash generation.
Borealis’s key strategy includes:
(1) Growing its business in infrastructure, automotive and advanced packaging;
(2) Expanding the Abu Dhabi complex to supply growth in the Middle East and Asia;
(3) Strengthen its European base, ensuring cost competitiveness from feedstocks to customers;
(4) Develop its base chemicals business;
(5) Pursue operational excellence, considering safety at all times;
(6) Achieve a step change in innovation;
(7) Exceed in serving its customers with a focus on quality and reliable execution; and
(8) Build a cross-cultural organisational capability.
Its financial strategy includes:
(1) Outperform financially;
(2) 11% + average return on capital employed (ROCE) after tax; and
(3) 40%-60% debt to equity ratio.
“We will continue to do what we are good at: providing the innovative solutions our customers expect. What makes me confident about our success is that IPIC and OMV, as our shareholders, are standing behind our long term strategy,” concludes Garrett.
Please see Interview: Borealis poised for chem industry upswing – CEO on ICIS news
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Borealis is a fully integrated petrochemical company. Since June 2005, Borealis is owned by the International Petroleum Investment Company (IPIC) of Abu Dhabi (64%) and by OMV, the Austrian oil and gas group (36%). Borealis was previously owned by Statoil (50%), OMV (25%), and IPIC (25%). It became operational in March 1994.
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