Borealis, OMV extend polyethylene, polypropylene agreement 11 yrs

Borealis, OMV extend polyethylene, polypropylene agreement for 11 yrs

7:42 AM, 13th October 2015
Borealis, OMV extend polyethylene, polypropylene agreement for 11 yrs

VIENNA, AUSTRIA: Borealis AG and oil and gas company OMV AG said they are extending their cooperation agreement for a further 11 years from 2018 until 2028. The companies have had a production partnership since 1998 at the sites in Schwechat (lower Austria) and Burghausen (Bavaria). This cooperation is a key component of the petrochemical integration of OMV’s refineries.

Supplying monomers – ethylene and propylene – remains at the heart of the agreement. These are essential products for the plastics industry and are produced in the OMV refineries Schwechat and Burghausen. They are then processed in the Borealis plants to create polyethylene (PE) and polypropylene (PP). PE and PP are used in a wide range of everyday plastic products and also as high-performance plastics in the automotive and medical technology sectors – a field in which Borealis and its joint venture Borouge are the second-largest suppliers worldwide, they said.

“Supplying raw materials for the plastics industry is a key pillar of OMV’s downstream business. OMV and Borealis are playing a pivotal role in securing production and jobs in Schwechat and Burghausen,” said Manfred Leitner, executive board member, responsible for downstream, OMV.

“The extension of our cooperation renews the foundation for competitive polymer production at our sites in Schwechat and Burghausen for another 11 years. This also makes an important contribution to securing Europe’s industrial capabilities,” said Markku Korvenranta, board member responsible for base chemicals, Borealis.

Borealis is owned by the International Petroleum Investment Company (IPIC) from Abu Dhabi (64 percent) and by OMV AG (36 percent).

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