ABU DHABI: Borouge, a petrochemicals major, said its consortium with Abu Dhabi National Oil Company (Adnoc) and Austrian group Borealis has signed an agreement with Wanhua Chemical and Wanrong New Materials to build a speciality polyolefins complex in China.

The proposed complex in Fuzhou, Fujian Province, is set to produce 1.6 million tonnes per annum (MTPA) of speciality polyolefins leveraging both Borealis’ cutting-edge proprietary Borstar technology and Borouge’s extensive sales
 network.

The consortium intends to establish a Sino-foreign joint venture with Wanrong New Materials (Fujian), with a shareholding ratio of 50:50 respectively, subject to customary regulatory approvals, it added. The complex will leverage the strengths of partners and majority shareholders.