Borouge formally signs US$3.1 billion contracts for expansion project
Borouge formally signed contracts valued at approximately US$3.1 billion for Borouge 2, the major expansion project at the company's production facilities in Ruwais, Abu Dhabi in the United Arab Emirates.
At a ceremony held at Borouge's new headquarters in Abu Dhabi, UAE, contracts were signed by Mr. Harri Bucht, CEO of Borouge production company, Mr. Fabrizio Di Amato, Chairman of Tecnimont S.p.A. of Italy, Juan Ilado Arburua, Vice Chairman and CEO of Tecnicas Reunidas S.A. of Spain. The contract with Tecnimont S.p.A., worth approximately US$1.855 billion, is for the construction of three new Borstar® technology polyolefins units and associated material handling facilities, laboratory facilities and marine works. This is the largest supplier contract Borouge has signed since its inception as a company in 1998 and is awarded on a lump sum turnkey basis.
The contract with Tecnicas Reunidas S.A., worth an estimated value of US$1.234 billion, is for the construction of the offsite and utility facilities for the expanded plant, and is awarded on a convertible lump sum turnkey basis. Preliminary work will begin immediately and both contracts are scheduled to be completed in 2010.
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