Borouge PLC

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.

On 29th April 2024, the Board of Directors of Borouge PLC held a meeting via video conference. During the meeting, the Board approved the company's financial statements for the first quarter of the current financial year 2024. The Board also discussed recent developments relating to the company's activities and projects. The information was disclosed to the Market Operations & Surveillance of Abu Dhabi Securities Exchange and a copy was sent to the Securities and Commodities Authority.

The CEO of Borouge PLC, Hazeem Sultan Al Suwaidi, has announced a Board of Directors meeting to be held via video conference on 29 April 2024. The main agenda items include the review and approval of the company's financial statements for Q1 2024 and discussion of general matters relating to the company's activities and projects. The notice is addressed to the Disclosures and Compliance Section of the Abu Dhabi Securities Exchange and copied to the Securities and Commodities Authority.