MOSCOW (MRC) -- Borealis announced a new long term agreement to source ethane from Statoil for its flexible steam cracker in Stenungsund. This contract will continue to provide Borealis with an attractive source of feedstock for its petrochemical complex in Stenungsund, said Hydrocarbonprocessing.
Borealis and Statoil have renewed the contract for the supply of ethane from Statoil’s gas plant at Karsto which will secure a significant volume of ethane to Borealis’ cracker in Stenungsund for the coming years. The ethane supply has been agreed at competitive terms for both parties, taking into account the global change of the ethane market due to the availability of United States shale gas. The new contract will start in October 2015 and last for a period of 7 years.
The renewal of the ethane supply contract with Statoil shows the value of our long term partnership, explains Mark Garrett, Borealis CEO. "This new contract will secure that our Stenungsund petrochemical complex will stay ahead of the curve in an increasingly competitive environment for the European industry."
Borealis’ cracker in Stenungsund is one of the most feedstock flexible crackers in Europe. Apart from ethane it can also crack naphtha, propane and butane. Stenungsund has significant LPG storage capacity, allowing the company to source LPG from various sources with vessel sizes up to very large gas carriers.
As MRC wrote before, Borealis and Borouge, the world's leading providers of innovative, value-creating solutions for the wire and cable industry, has announced the dedicated roll-out of the technology platform Borlink in Russia. Borlink was introduced by Borealis and Borouge as a technology platform offering a complete global package of power cable compounds and expertise serving applications for medium and high voltage (MV, HV), including extra high voltage (EHV) and high voltage direct current (HVDC).
Borealis is a leading provider of innovative solutions in the fields of polyolefins, base chemicals and fertilizers. With headquarters in Vienna, Austria, Borealis currently employs around 6,200 and operates in over 120 countries. It generated EUR 7.5 billion in sales revenue in 2012. The International Petroleum Investment Company (IPIC) of Abu Dhabi owns 64% of the company, with the remaining 36% owned by OMV, the leading energy group in the European growth belt. Borealis provides services and products to customers around the world in collaboration with Borouge, a joint venture with the Abu Dhabi National Oil Company (ADNOC).
MRC