OMV AND BOREALIS CELEBRATE JOINT INVESTMENT IN AUSTRIA

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OMV AND BOREALIS CELEBRATE JOINT INVESTMENT IN AUSTRIA
21 December 2006 - Borealis A/S

Borealis upgrades its European assets: inauguration of a 350,000 tonnes per year Borstar polyethylene plant and expansion of an existing Borstar polypropylene plant from 210,000 to 300,000 tonnes per year in Schwechat (Austria)

OMV and Borealis follow their integrated feedstock-olefins-polyolefins strategy: expansion of OMV (35% owner of Borealis) cracker in its Schwechat refinery to 900,000 tonnes per year

Borealis demonstrates its commitment to Value Creation through Innovation: this investment increases Borealis’ usage of Borstar proprietary technology to more than a million tonnes per year

Schwechat becomes a leading location in European plastics industry: EUR 400 million joint investment by OMV and Borealis

More than a thousand customers, academics, politicians, bankers, journalists, suppliers and employees joined OMV and Borealis, in Schwechat, at the inauguration of a new 350,000 tonnes Borstar polyethylene plant, the expansion to 300,000 tonnes of the Borstar polypropylene plant and the expansion from 650,000 to 900,000 tonnes per year of OMV’s nearby cracker. The occasion will be marked with a futuristic multimedia celebration under the theme, ‘The Bridge: The journey from oil to plastics’.

This joint EUR 400 million investment turns the OMV/Borealis Schwechat location into one of the largest plastics manufacturing sites in Europe with 900,000 tonnes per year production by OMV and more than a million tonnes per year for Borealis. The construction of the OMV and Borealis plants and cracker began early 2004 and the start-up was according to plan in the Autumn of 2005.

The EUR 200 million investment by OMV to upgrade its cracker extends OMV ethylene capacity by 150,000 tonnes to 500,000 tonnes per year and its propylene capacity by 100,000 tonnes to 400,000 tonnes per year. These basic petrochemicals products are delivered by pipeline to neighbouring Borealis plants and used in manufacturing advanced polyethylene and polypropylene plastics.

The new Borstar PE plant has enabled Borealis to capture the growing demand for linear low-density PE for enhanced, differentiated film products, for flexible consumer packaging and industrial applications in particular.

http://www.borealisgroup.com

About: Borealis A/S
Borealis is a leading provider of plastics solutions with more than 40 years of experience in polyethylene (PE) and polypropylene (PP). Borealis solutions are converted by its customers into everyday products such as food packaging, medical devices, diapers, pipes, automotive parts and power cables.

Borealis is owned 50% by the Norwegian oil company, Statoil, and 50% by IOB Holdings, owned equally by OMV, the Austrian oil and natural gas group, and by the International Petroleum Investment Company (IPIC) of Abu Dhabi.

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  • For December 2006
  • From Borealis A/S
  • For Polyolefins (polyethylene and polypropylene)