UAE's Borouge unveils major expansion to boost polyolefin output
The company has awarded two major contracts aimed at boosting the nameplate capacity of its second ethane cracker (EU2) and the fourth and fifth polyethylene units (PE4 and PE5). Linde Engineering has been awarded a contract for Front-End Engineering Design (FEED) services to upgrade Borouge's second ethane unit (EU2) with an additional capacity of 230,000 tonnes per annum (tpa). This strategic project is expected to increase the EU2 cracker's capacity by 15%, delivering significant financial gains upon completion in Q4 2028. Linde Engineering was selected for its expertise in design and execution, as well as its role as the licensor of the existing EU2 cracker. The ethane used as feedstock for the EU2 cracker is supplied by ADNOC Gas and ADNOC Refining, ensuring an integrated and reliable supply chain.
Borouge has launched major expansion projects to boost ethylene and polyethylene production, expected to add $165â€'$200 million in annual EBITDA. Contracts were awarded to Linde and Target Engineering to increase capacity at EU2, PE4, and PE5 units. With Borouge 4 and a proposed global merger, total capacity will exceed 6.6 million tpa by 2028, driving growth and shareholder value.
Borouge has also awarded Target Engineering Construction Company an engineering, procurement, and construction (EPC) contract for the expansion and refurbishment of its PE4 and PE5 production units, following a competitive bidding process. This enhancement will increase their nameplate capacity from 540,000 to 700,000 tpa each. Leveraging Borealis Borstar Polyethylene technology, the project is scheduled to be ready for start-up in Q1 2027.
Hazeem Sultan Al Suwaidi, CEO of Borouge , said: 'By increasing production at our EU2, PE4 and PE5 units, as well as delivering the Borouge 4 mega project, we are strategically positioned for accelerated growth.
'The expansions of our ethylene and polyethylene capabilities will enable Borouge to meet growing market demands, unlock new revenue streams, and further strengthen our global market position. These projects demonstrate our commitment to innovation, operational excellence, and sustainable growth.'
Since 2001, Borouge has increased its annual production capacity tenfold, reaching 5 million tpa and positioning itself among the top five polyolefin producers in the Middle East and Asia Pacific. Together with the Borouge 4 mega project, these expansion projects, once fully ramped up, will increase the company's annual total polyolefins production capacity to over 6.6 million tpa by 2028. These projects are driving significant value to the UAE's economy through ADNOC's In-Country Value (ICV) program, supporting economic and industrial growth.
The Company's major shareholders, ADNOC and OMV have proposed the combination of Borouge and Borealis, along with the acquisition of Nova Chemicals, to create Borouge Group International. These transformational deals will create the world's fourth largest polyolefin company, a $60 billion global polyolefins leader with a substantial capacity of 13.6 million metric tonnes across 62 plants spanning North America, Europe and the Middle East – more than doubling Borouge's current capacity.
Borouge Group International represents a new era of scale, growth, innovation and shareholder value. The new entity intends to offer an attractive estimated total dividend of $2.2 billion post-closing of the transaction, equivalent to a minimum of 16.2 fils per share dividend, annually from 2026 to 2030. Note: The headline, insights, and image of this press release may have been refined by the Fibre2Fashion staff; the rest of the content remains unchanged.
Fibre2Fashion News Desk (HU)
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Economic Times
13 hours ago
- Economic Times
Nvidia CEO Jensen Huang calls AI the ‘greatest equalizer of our time', predicts it will create more millionaires than the internet
Synopsis Nvidia's CEO, Jensen Huang, predicts AI will create more millionaires in the next five years than the internet did in twenty, democratizing wealth creation by making everyone a programmer, artist, and author. He envisions companies operating both physical and digital factories, with small AI teams generating billions in value. Reuters Nvidia's CEO, Jensen Huang, predicts AI will create more millionaires in the next five years than the internet did in twenty, democratizing wealth creation by making everyone a programmer, artist, and author. He envisions companies operating both physical and digital factories, with small AI teams generating billions in value. Nvidia CEO Jensen Huang is no stranger to making bold claims, but his latest prediction might just redefine how we view the next era of innovation. Speaking on the All-In podcast hosted by venture capitalist Chamath Palihapitiya, Huang forecasted that 'AI will create more millionaires in five years than the internet did in 20.' In an era where AI is evolving faster than policy and public understanding can keep pace, Huang's perspective offers both a reality check and a roadmap for those hoping to ride the next tech wave. The takeaway? The AI revolution is already here, and those who don't adapt may be left behind. When asked why he calls AI the 'greatest technology equaliser,' Huang responded with a transformative view: 'Everybody is a programmer now.' According to the Nvidia CEO, the traditional gatekeeping of coding languages like C++ or Python has faded. With AI interfaces, people now only need to express an idea in natural language to create something powerful. 'Everybody is an artist now; everybody is an author now,' Huang said, explaining that AI bridges the gap between imagination and execution. The CEO believes this accessibility will democratize wealth creation, empower creatives, and allow smaller teams to deliver enterprise-level impact. Huang believes that in the near future, every company will operate two factories—one physical and one digital. 'Tesla builds cars in one factory, and in another, it builds the AI that powers them,' he explained. This model, he claims, will soon apply to every major industrial business, not just tech startups. And the scale? Staggering. Nvidia plans to produce about $500 billion worth of AI supercomputers in Arizona and Texas over the next four years. These machines are expected to drive trillions in economic value across industries. In a conversation during the Hill and Valley Forum, Huang revealed the financial impact of compact, focused AI teams. Citing examples like OpenAI and China's DeepSeek—each initially staffed with about 150 researchers—Huang estimated these teams can produce value worth $20 to $30 billion, or roughly $200 million per person. 'No industry in history has ever had this kind of leverage,' he asserted, underlining how mid-sized teams, when backed with the right resources, can transform markets at lightning speed. In fact, Huang noted, 'I've created more billionaires on my management team than any CEO in the world. They're doing just fine.' In an unexpected insight into Nvidia's internal culture, Huang also shared his hands-on approach to employee compensation. He confirmed that he personally reviews every proposed salary and stock grant at the company—yes, all 42,000 employees—and uses machine learning to sort through recommendations. '100% of the time, I increase the company's spend on OpEx,' Huang said, 'because you take care of people, and everything else takes care of itself.' And yes, he jokingly added, he does 'carry stock options in his pocket.' Huang issued a word of caution for professionals stuck in old ways. 'Anybody who is not using AI is going to lose their jobs to someone with knowledge of AI,' he said. This wasn't framed as a threat, but rather a reflection of the new baseline in skill development. For those who've long felt tech was inaccessible, AI may offer an unexpected second chance to get ahead. 'The barrier between idea and execution has collapsed,' Huang declared.
NDTV
2 days ago
- NDTV
Starlink Network Issue Now Resolved; Elon Musk Issues Apology
New Delhi: After facing a global outage for nearly 3 hours, Starlink announced on Friday that the network issue affecting its internet service has been resolved. On Thursday night, Starlink's satellite internet service experienced an outage affecting many users worldwide. The issue affected customers across multiple continents, with outage tracking sites showing spikes in North America, Europe, and parts of Asia. 'The network issue has been resolved, and Starlink service has been restored. We understand how important connectivity is and apologize for the disruption,' Starlink, owned by Elon Musk's SpaceX, shared in a post on the social media platform X. Musk was also quick to comment on the incident. "Service will be restored shortly. Sorry for the outage," said Musk on X. "SpaceX will remedy the root cause to ensure it doesn't happen again," he added. Service will be restored shortly. Sorry for the outage. SpaceX will remedy root cause to ensure it doesn't happen again. — Elon Musk (@elonmusk) July 24, 2025 Michael Nicolls, VP of Starlink Engineering, noted that the outage, caused by the failure of key internal software, lasted for about 2.5 hours. 'Starlink has now mostly recovered from the network outage, which lasted approximately 2.5 hours. The outage was due to the failure of key internal software services that operate the core network,' Nicolls shared on X. 'We apologise for the temporary disruption in our service; we are deeply committed to providing a highly reliable network, and will fully root cause this issue and ensure it does not occur again,' he added. Starlink has now mostly recovered from the network outage, which lasted approximately 2.5 hours. The outage was due to failure of key internal software services that operate the core network. We apologize for the temporary disruption in our service; we are deeply committed to… — Michael Nicolls (@michaelnicollsx) July 24, 2025 Starlink provides internet through a network of satellites orbiting Earth. The company currently operates the world's largest constellation of satellites, with more than 6,750 in orbit. Starlink services are already available in several countries, including Mongolia, Japan, the Philippines, Malaysia, Indonesia, Jordan, Yemen, Azerbaijan, and Sri Lanka. Earlier this month, the Indian National Space Promotion and Authorisation Centre (IN-SPACe) approved Starlink for a period of five years in India. With this, the final regulatory hurdle for the cheaper internet service to start rolling out its commercial satellite broadband operations in India has been cleared. "It has granted authorisation to Starlink Satellite Communications Private Limited, New Delhi (SSCPL) for enabling provisioning of Low Earth Orbit (LEO) satellite constellation, namely Starlink Gen1," said IN-SPACe. "The Starlink Gen1 Constellation is a global constellation with 4408 satellites orbiting Earth at altitudes varying between 540-570km, capable of providing about 600 Gbps throughput over India," it added. The authorisation will enable SSCPL to provide satellite communication services in India.
Time of India
3 days ago
- Time of India
From tech podcasts to policy: Trump's new AI plan leans heavily on Silicon Valley industry ideas
Academy Empower your mind, elevate your skills President Donald Trump on Wednesday unveiled a sweeping new plan for America's "global dominance" in artificial intelligence, proposing to cut back environmental regulations to speed up the construction of AI supercomputers while promoting the sale of U.S.-made AI technologies at home and "AI Action Plan" embraces many of the ideas voiced by tech industry lobbyists and the Silicon Valley investors who backed Trump's election campaign last year."America must once again be a country where innovators are rewarded with a green light, not strangled with red tape," Trump said at an unveiling event that was co-hosted by the bipartisan Hill and Valley Forum and the "All-In" podcast, a business and technology show hosted by four tech investors and entrepreneurs, which includes Trump's AI czar, David plan includes some familiar tech lobby pitches. That includes accelerating the sale of AI technology abroad and making it easier to construct the energy-hungry data center buildings that are needed to form and run AI products. It also includes some AI culture war preoccupations of the circle of venture capitalists who endorsed Trump last signed three executive orders Wednesday to deliver on the plan. They seek to fast-track permitting of AI construction projects, expand U.S. tech exports and get rid of "woke" in had given his tech advisers six months to come up with new AI policies after revoking President Joe Biden's signature AI guardrails on his first day in AI plan: global dominance, cutting regulations The plan prioritizes AI innovation and adoption, urging the removal of any barriers that could slow down adoption across industries and government. The nation's policy, Trump said, will be to do "whatever it takes to lead the world in artificial intelligence."Yet it also seeks to guide the industry's growth to address a longtime rallying point for the tech industry's loudest Trump backers: countering the liberal bias they see in AI chatbots such as ChatGPT or Google 's plan aims to block the government from contracting with tech companies unless they "ensure that their systems are objective and free from top-down ideological bias." The plan says the nation's leading AI models should protect free speech and be "founded on American values," though it doesn't define which values those should a former PayPal executive and now Trump's top AI adviser, has been criticizing "woke AI" for more than a year, fueled by Google's February 2024 rollout of an AI image generator. When asked to show an American Founding Father, it created pictures of Black, Asian, and Native American quickly fixed its tool, but the "Black George Washington" moment remained a parable for the problem of AI's perceived political bias, taken up by X owner Elon Musk, venture capitalist Marc Andreessen, Vice President JD Vance and Republican AI data center permits to speed up supercomputer construction Chief among the plan's goals is to speed up permitting and loosen environmental regulation to accelerate construction on new data centers and factories. It condemns "radical climate dogma" and recommends lifting environmental restrictions, including clean air and water has previously paired AI's need for huge amounts of electricity with his own push to tap into U.S. energy sources, including gas, coal and nuclear."We will be adding at least as much electric capacity as China," Trump said at the Wednesday event. "Every company will be given the right to build their own power plant."Many tech giants are already well on their way toward building new data centers in the U.S. and around the world. OpenAI announced this week that it has switched on the first phase of a massive data center complex in Abilene, Texas, part of an Oracle-backed project known as Stargate that Trump promoted earlier this year. Amazon , Microsoft, Meta and xAI also have major projects tech industry has pushed for easier permitting rules to get its computing facilities connected to power, but the AI building boom has also contributed to spiking demand for fossil fuel production, which contributes to global Nations Secretary-General Antonio Guterres on Tuesday called on the world's major tech firms to power data centers completely with renewables by plan includes a strategy to disincentivize states from aggressively regulating AI technology, calling on federal agencies not to provide funding to states with burdensome regulations."We need one common sense federal standard that supersedes all states, supersedes everybody," Trump said, "so you don't end up in litigation with 43 states at one time."Who benefits from Trump's AI action plan? There are sharp debates on how to regulate AI, even among the influential venture capitalists who have been debating it on their favorite medium: the some Trump backers, particularly Andreessen, have advocated an "accelerationist" approach that aims to speed up AI advancement with minimal regulation, Sacks has described himself as taking a middle road of techno-realism."Technology is going to happen. Trying to stop it is like ordering the tides to stop. If we don't do it, somebody else will," Sacks said on the "All-In" Tuesday, more than 100 groups, including labor unions, parent groups, environmental justice organizations and privacy advocates, signed a resolution opposing Trump's embrace of industry-driven AI policy and calling for a "People's AI Action Plan" that would "deliver first and foremost for the American people."J.B. Branch, Big Tech accountability advocate at the watchdog group Public Citizen, which signed the resolution, called the plan a "sellout.""Under this plan, tech giants get sweetheart deals while everyday Americans will see their electricity bills rise to subsidize discounted power for massive AI data centers," Branch said in a statement Wednesday. "Americans deserve an AI future rooted in safety, fairness, and accountability - not a handout to billionaires."
