Press releases, Reports & Disclosures for Borouge PLC

Borouge PLC has announced the appointment of Mr. Stefan Doboczky as a Board Member and Vice Chairman, effective July 29, 2024. Mr. Doboczky, the new CEO of Borealis, replaces Mr. Thomas Gangl, who resigned in June 2024. With over 30 years of experience in the chemicals industry and a strong leadership track record, Mr. Doboczky is expected to contribute significantly to Borouge's strategic initiatives and growth. The announcement was made by Hazeem Sultan Al Suwaidi, the CEO of Borouge PLC, and was also communicated to the Securities and Commodities Authority.

On 25 July 2024, the Market Operations & Surveillance section of the Abu Dhabi Securities Exchange sent a notification to the Disclosures and Compliance Section regarding a meeting of the Board of Directors of Borouge PLC. The meeting is scheduled to be held via video conference at 3:00 PM on Tuesday, 30 July 2024. The agenda includes discussing and approving the financial results for the second quarter of 2024, considering interim dividend distribution to shareholders for the first half of 2024, and addressing other general matters related to the company's activities and projects. The notification was signed by Hazeem Sultan Al Suwaidi, the Chief Executive Officer, and a copy was sent to the Securities and Commodities Authority (SCA).

Borouge, in partnership with ADNOC and Borealis, has signed a Project Collaboration Agreement with Wanhua Chemical to develop a speciality polyolefins complex in China. The proposed facility in Fuzhou, Fujian Province, aims to produce 1.6 million tonnes per annum of speciality polyolefins using Borealis' Borstar® technology and Borouge's sales network. The project will use 100% zero-carbon electricity, highlighting a commitment to sustainability. The consortium plans to form a 50:50 joint venture with Wanrong New Materials (Fujian), pending regulatory approvals. This initiative is expected to strengthen Borouge's market position in Asia and create value for shareholders by leveraging the strengths and resources of its partners.

Borouge, in a consortium with ADNOC and Borealis, has signed a Project Collaboration Agreement with Wanhua Chemical and its subsidiary Wanrong New Materials (Fujian) for a proposed greenfield project in China. The project aims to produce 1.6 million tonnes per annum of speciality polyolefins, leveraging Borealis' Borstar® technology and Borouge’s sales network. The consortium plans to use 100% zero-carbon electricity for the complex, highlighting their commitment to sustainability. The proposed complex in Fuzhou, Fujian Province, will be a 50:50 joint venture between the consortium and Wanrong New Materials, subject to regulatory approvals. The agreement was signed in Beijing, witnessed by key officials including UAE Minister of Industry and Advanced Technology, Dr. Sultan Ahmed Al Jaber. Borouge CEO Hazeem Sultan Al Suwaidi emphasized the project's potential to strengthen economic ties between the UAE and China and create value for shareholders by expanding in China.

On July 1, 2024, the Abu Dhabi Securities Exchange's Market Operations & Surveillance section received a notification regarding the resignation of Mr. Thomas Gangl as a director and vice chairman of Borouge PLC. The Board of Directors expressed gratitude for Mr. Gangl's valuable contributions and expertise, wishing him success in his future endeavors. The company will inform the market about the identification and appointment of a suitable replacement for Mr. Gangl in accordance with its articles of association. This notice was signed by Hazeem Sultan Al Suwaidi, the Chief Executive Officer, and a copy was sent to the Securities and Commodities Authority (SCA).

Borouge, a leading petrochemicals company, has reported a 37% YoY increase in its Q1 2024 net profit, amounting to $273 million. This significantly outperformed market expectations, driven by higher pricing premia, a strategic focus on high-value product segments, and increased operational efficiency. The company's EBITDA margin stands at 44%, an industry-leading figure. Borouge's growth project, Borouge 4, is over 60% complete and is expected to increase annual production capacity by 28%. The company has reiterated its commitment to a $1.3 billion dividend in 2024, representing a current yield of 6.5%.

The text appears to be the first quarter management discussion and analysis report for the year 2024 from Borouge PLC, published on April 30th, 2024. The report likely contains information about the company's financial performance, business strategies, and market conditions.