Borouge, ADNOC, Borealis (Consortium), and Wanhua Chemical Group, a leading Chinese chemical company, together with Wanrong New Materials (Fujian), a subsidiary controlled by Wanhua, announced the signing of a project collaboration agreement for a feasibility study to develop a 1.6 million tons per year specialty state-of-the-art polyolefin complex in Fuzhou, Fujian Province, China. If realized, the Consortium and Wanrong New Materials intend to, subject to customary regulatory approvals, establish a Sino-foreign joint venture with a shareholding ratio of 50:50 respectively.
If realized, this polyolefins complex will accelerate the parties' growth ambitions in the region and meet the growing demand for sustainable and innovative polyolefins solutions.
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.
