Current earnings stand at US$ 7.57bn compared to 2017 earnings of US$ 7.45bn
Borouge, Khalifa Industrial Zone Abu Dhabi (KIZAD), National Industrialisation Company (Tasnee) and Oman Oil Refineries and Petroleum Industries Company (Orpic) have announced their decision to participate in ArabPlast 2019, set to take place from 5 to 8 January at the Dubai International Convention and Exhibition Centre.
“GCC countries play a major role in meeting global demands related to plastics and petrochemicals. This has not only increased the productivity of the industry, but also strengthened its growth,” said Satish Khanna, General Manager, Al Fajer Information & Services, Dubai, organisers of ArabPlast 2019.
With the industry experiencing a steady growth, plans are already in place for a massive investment in the downstream sector, with more than US$ 200bn expected to be ploughed into new refining and petrochemicals ventures in the GCC by 2025. According to a new report released by the Paris-based International Energy Agency (IEA), primary chemicals consumption will grow almost 60% to 1bn tonnes by 2050, where the Gulf will account for 12% of all global high value-chemicals.
Borouge is a leading petrochemical company that provides innovative, value creating plastics solutions. Established in 1998 as a joint venture between the Abu Dhabi National Oil Company (ADNOC), one of the world’s major oil and gas companies, and Austria based Borealis, Borouge produces 4.5mn tonnes of polyethylene and polypropylene solutions per year for packaging, infrastructure, energy, mobility, agriculture and healthcare applications.
“As our participation at ArabPlast this year coincides with our 20th anniversary celebration, Borouge will be able to utilise this important platform to meet with our customers, partners and peers and showcase our innovative polyolefin solutions and emphasise the many opportunities they create, throughout the value chain,” remarked Ahmed Al Shamsi, Senior Vice President, MEAE, Borouge.
Also present at the press conference were Samir Chaturvedi, CEO, KIZAD; Rahim K. Jamal, General Manager, Al Shihab Al Thahabi Trading and Hasan Al Dalou, Sales Manager, Adeka Al Ghurair Additives company in Abu Dhabi.
In addition to the above, companies as ExxonMobil, Tawazon Chemical Company, Enerplastics, Basell International Trading and Astra Polymers will also participate at ArabPlast 2019. This upcoming edition of ArabPlast will witness presence from of more than 900 companies from 30 countries including 14 national pavilions.
