If realized, the consortium and Wanrong New Materials intend to establish a Sino-foreign joint venture with a of 50:50 shareholding ratio, subject to customary regulatory approvals.

The polyolefins complex would accelerate the parties' growth ambitions in the region and meet the growing demand for sustainable and innovative polyolefins solutions, the participating companies explained. Borealis’ proprietary Borstar technology is planned to be at the core of the project, enabling the development of products that are well suited to drive the transition to a circular economy for plastics.

The parties intend to utilize 100% zero-carbon electricity for the planned complex, underscoring their commitment to sustainability and reducing emissions with support from the local government.

Hazeem Sultan Al Suwaidi, CEO of Borouge, said: “This strategic growth initiative builds on the robust economic ties between the UAE and China, and offers the potential to create value for Borouge shareholders by accelerating our expansion in China. The proposed complex will leverage the strengths of our partners and majority shareholders, who bring a capacity to deploy significant capital, world-leading technology, innovation and technical expertise, as well as extensive logistics and customer networks. We look forward to collaborating with our partners to swiftly deliver a sustainable feasibility study that will support our commitment to continue reducing our emissions.”