Company Insights Borouge Petrochemicals Borouge Overview Borouge, the Abu Dhabi-listed and headquartered petrochemicals, plastics and polymer manufacturer was established in 1998. It is owned by Abu Dhabi’s Adnoc, with a 54 per cent stake, and Austrian plastics maker Borealis Group, with a 36 per cent stake. In 2022, a 10 per cent stake in the company was listed on the ADX, raising $2 billion. Employing more than 6,000 people and operating in both Abu Dhabi and Singapore, Borouge produces a range of products for the Middle East, African and Asian markets. Among these are petrochemicals, polymers, fittings, pipes, cable coverings, wires and packaging for consumer, industrial, medical and mobility use. In July 2024 Borouge’s CEO said its priority was to “drive accelerated growth through capacity expansion, increased productivity and a focus on high-value customer segments”. Borouge News Analysis Markets State-backed UAE companies lead the pack for share price gains The stock market performance of UAE companies that have gone public in the past few years varies greatly – but government-backed businesses have delivered the biggest gains. There have been 21 notable initial public offerings of UAE companies since the start of 2021 – 13 on the Abu Dhabi Securities Exchange and eight on the […] November 19, 2024 Energy Revenues of six Adnoc subsidiaries reach $24bn Six subsidiaries of Abu Dhabi National Oil Company (Adnoc) collectively generated AED89 billion ($24.23 billion) in revenues and achieved net profits of AED16 billion in the first half of 2024. The performance was driven by strong growth strategies, state-run WAM news agency reported. Adnoc Distribution, 77 percent-owned by the UAE oil giant, saw a 12.9 […] November 6, 2024 Industry Borouge Q3 profit rises to $328m on record sales Abu Dhabi-listed Borouge reported a 16 percent year-on-year increase in net profit to $328 million, driven by record quarterly sales and strong pricing for its premium products. Revenue grew 7 percent year on year to $1.6 billion, reflecting a strategic focus on high-value markets that drove a 2 percent year-on-year increase in sales volumes. Despite […] October 29, 2024 Oil & Gas Adnoc drops plan to upgrade UAE’s only LNG facility An upgrade of the Das Island liquefied natural gas plant has been cancelled by Adnoc Gas, as it shifts priorities towards greenfield developments. “We have a funnel of exciting opportunities in which we can invest while at the same time exercising capital discipline,” Adnoc Gas said. Das Island’s liquefaction and export terminal, the only LNG […] October 11, 2024 Adnoc to buy German chemicals company Abu Dhabi’s Adnoc has agreed to buy German chemicals producer Covestro for €15.9 billion ($18 billion) including debt, the state oil giant said on Tuesday, representing its largest acquisition to date. The deal is one of the biggest foreign takeovers by a Gulf state as Abu Dhabi and other countries in the region seek to reduce […] October 1, 2024 Industry Borouge profit up 33% on higher product sales Record production volumes, higher sales and increased cost efficiencies helped net profits at petrochemicals company Borouge rise 33 percent year on year in the second quarter of 2024 to $308 million. Revenue at the Abu Dhabi-listed company reached $1.5 billion during the quarter, up 6 percent annually. Although average sales prices softened marginally in the […] July 31, 2024 Energy Adnoc and Borouge explore chemicals complex in China The UAE’s oil giant Adnoc and Borouge, one of its Abu Dhabi-listed subsidiaries, is exploring the potential of developing a speciality thermoplastics complex in China. A consortium, which includes Adnoc, Borouge and Borealis, signed a project collaboration agreement with China’s Wanhua Chemical and Wanrong New Materials (Fujian), a wholly owned subsidiary of Wanhua Chemical. Borealis […] July 24, 2024 Markets Fees and procedures make UAE IPOs more complex UAE companies seeking to go public must undertake complex and often costly procedures to complete an initial public offering, although fees remain reasonable by international standards because of competition among advisers, according to experts. This decade, Abu Dhabi and Dubai have part-privatised many government-owned companies, sparking an IPO flurry that runs counter to slowdowns in […] June 26, 2024 Industry Adnoc makes final bid for German chemicals maker German chemical company Covestro AG has confirmed that it has started “concrete negotiations” over a $12.5 billion offer from Abu Dhabi National Oil Company (Adnoc). Covestro said in a statement that Adnoc had offered €62 ($67) a share as a starting point for the negotiations, which are subject to the completion of due diligence. In […] June 25, 2024 Industry Borouge profit rises to $273m despite revenue fall Petrochemicals major Borouge said its net profit for the first quarter of 2024 rose 37 percent to $273 million amid stronger price premium on high-value products. The Abu Dhabi-listed company said revenue fell 6 percent year on year to $1.3 billion on planned feedstock-related operational maintenance. Average sales prices increased quarter on quarter by 4 […] April 30, 2024 Posts navigation 1 2 … 5 Next
Analysis Markets State-backed UAE companies lead the pack for share price gains The stock market performance of UAE companies that have gone public in the past few years varies greatly – but government-backed businesses have delivered the biggest gains. There have been 21 notable initial public offerings of UAE companies since the start of 2021 – 13 on the Abu Dhabi Securities Exchange and eight on the […] November 19, 2024
Energy Revenues of six Adnoc subsidiaries reach $24bn Six subsidiaries of Abu Dhabi National Oil Company (Adnoc) collectively generated AED89 billion ($24.23 billion) in revenues and achieved net profits of AED16 billion in the first half of 2024. The performance was driven by strong growth strategies, state-run WAM news agency reported. Adnoc Distribution, 77 percent-owned by the UAE oil giant, saw a 12.9 […] November 6, 2024
Industry Borouge Q3 profit rises to $328m on record sales Abu Dhabi-listed Borouge reported a 16 percent year-on-year increase in net profit to $328 million, driven by record quarterly sales and strong pricing for its premium products. Revenue grew 7 percent year on year to $1.6 billion, reflecting a strategic focus on high-value markets that drove a 2 percent year-on-year increase in sales volumes. Despite […] October 29, 2024
Oil & Gas Adnoc drops plan to upgrade UAE’s only LNG facility An upgrade of the Das Island liquefied natural gas plant has been cancelled by Adnoc Gas, as it shifts priorities towards greenfield developments. “We have a funnel of exciting opportunities in which we can invest while at the same time exercising capital discipline,” Adnoc Gas said. Das Island’s liquefaction and export terminal, the only LNG […] October 11, 2024
Adnoc to buy German chemicals company Abu Dhabi’s Adnoc has agreed to buy German chemicals producer Covestro for €15.9 billion ($18 billion) including debt, the state oil giant said on Tuesday, representing its largest acquisition to date. The deal is one of the biggest foreign takeovers by a Gulf state as Abu Dhabi and other countries in the region seek to reduce […] October 1, 2024
Industry Borouge profit up 33% on higher product sales Record production volumes, higher sales and increased cost efficiencies helped net profits at petrochemicals company Borouge rise 33 percent year on year in the second quarter of 2024 to $308 million. Revenue at the Abu Dhabi-listed company reached $1.5 billion during the quarter, up 6 percent annually. Although average sales prices softened marginally in the […] July 31, 2024
Energy Adnoc and Borouge explore chemicals complex in China The UAE’s oil giant Adnoc and Borouge, one of its Abu Dhabi-listed subsidiaries, is exploring the potential of developing a speciality thermoplastics complex in China. A consortium, which includes Adnoc, Borouge and Borealis, signed a project collaboration agreement with China’s Wanhua Chemical and Wanrong New Materials (Fujian), a wholly owned subsidiary of Wanhua Chemical. Borealis […] July 24, 2024
Markets Fees and procedures make UAE IPOs more complex UAE companies seeking to go public must undertake complex and often costly procedures to complete an initial public offering, although fees remain reasonable by international standards because of competition among advisers, according to experts. This decade, Abu Dhabi and Dubai have part-privatised many government-owned companies, sparking an IPO flurry that runs counter to slowdowns in […] June 26, 2024
Industry Adnoc makes final bid for German chemicals maker German chemical company Covestro AG has confirmed that it has started “concrete negotiations” over a $12.5 billion offer from Abu Dhabi National Oil Company (Adnoc). Covestro said in a statement that Adnoc had offered €62 ($67) a share as a starting point for the negotiations, which are subject to the completion of due diligence. In […] June 25, 2024
Industry Borouge profit rises to $273m despite revenue fall Petrochemicals major Borouge said its net profit for the first quarter of 2024 rose 37 percent to $273 million amid stronger price premium on high-value products. The Abu Dhabi-listed company said revenue fell 6 percent year on year to $1.3 billion on planned feedstock-related operational maintenance. Average sales prices increased quarter on quarter by 4 […] April 30, 2024
