(Borealis) -- Borealis, a leading provider of chemical and innovative plastics solutions, announces a net profit of EUR 54 million for the third quarter of 2010. The result exceeds the performance in the third quarter of 2009 by 15%, although profitability reduced from the second quarter of 2010 largely due to the impact of start-up and turnaround activities.
The Borouge 2 project in Abu Dhabi, UAE, is well on track and the expanded plant is starting-up as planned with all olefin and polyolefin units operational by the end of the third quarter. With this investment of approximately USD 5 billion, Borouge expands its product offering into polypropylene while tripling its overall polyolefins capacity to over 2 million tonnes per year.
The Borouge 3 project is on schedule with land preparation activities adjacent to the Borouge 2 site almost completed. While still in start-up mode, the new LDPE plant in Sweden has initially demonstrated high quality output, which has been confirmed by tests with key customers. The organisation continues to work towards delivering consistent operability.
Borealis is a leading provider of chemical and innovative plastics solutions that create value for society. With sales of EUR 4.7 billion in 2009, customers in over 120 countries, and 5,200 employees worldwide, Borealis is owned 64% by the International Petroleum Investment Company (IPIC) of Abu
Dhabi and 36% by OMV, the leading energy group in the European growth belt.