Petrochemicals

Borouge, a leading provider of innovative plastics solutions, has awarded a contract worth US$169 million to Hyundai Engineering and Construction of South Korea to build a cross-linkable polyethylene (XLPE) unit at its petrochemical plant in Ruwais, Abu Dhabi.

Global PET packaging leader OCTAL is on track to complete the second phase of its operational expansion this year following a new round of funding from six Middle Eastern banks.

The Petrochemical Commercial Company (PCC), a subsidiary of the National Petrochemical Company (NPC), reported exporting petrochemical products worth US$7.6 billion during the first ten months of the current Iranian year (started March 21 2010).

Saudi Arabia, holder of the world’s largest oil reserves, reported that petrochemical exports grew 17.2 per cent by volume last year, partly as a result of higher demand from Asia in the fourth quarter.