BOROUGE AND BOREALIS ANNOUNCE WORLD-CLASS INNOVATION CENTRE IN THE UAE

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BOROUGE AND BOREALIS ANNOUNCE WORLD-CLASS INNOVATION CENTRE IN THE UAE
22 December 2006 - Borealis A/S

Borouge and Borealis, leading providers of value creating, innovative plastics solutions, today announced the establishment of a major innovation centre in the UAE. The centre represents a significant investment in Borouge’s research capabilities to meet customer needs in the Middle East and Asia Pacific regions.

The innovation centre, jointly developed by Borouge and Borealis, will concentrate on developing practical solutions for plastic material applications and be fully operational in 2009. It will be located in Abu Dhabi City and is expected to employ up to 45 technical staff in the initial phase.

As well as benefiting existing customers, the centre forms part of the strategic expansion of both Borouge and Borealis across the region, underlining their joint commitment to value creation through innovation. The innovation centre will also closely complement Borouge 2, the planned multi-billion USD expansion which will see annual production at Borouge’s manufacturing site in Ruwais, UAE triple to two million tonnes. With the establishment of research capabilities of this kind, the centre will make a strong contribution to the growth of downstream industries in Abu Dhabi and the UAE.

The Abu Dhabi innovation centre will work with Borealis´ innovation centres across Europe, which includes an international innovation centre in Linz (Austria), a catalyst and process research innovation centre in Porvoo (Finland) and a merged innovation centre in Scandinavia.

Borouge and Borealis will continue to enhance their research projects through partnerships with academic institutes of excellence. Borealis’ innovation centre in Linz will collaborate with JKU, the Wels Advanced Technical College, the University of Leoben and polytechnic institutes in Austria. Now, a similar partnership between Borouge´s innovation centre and the Petroleum Institute of Abu Dhabi will be developed, supporting the creation of a favourable environment for innovation in the Middle East and Asia.

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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