VOL. XXXIX

No. 38

17-June-1996

UAE

ADNOC And Borealis Sign Joint Venture Polyethylene Project

The Abu Dhabi National Oil Company (ADNOC) and the Norwegian-Finnish Borealis firm have signed a joint venture deal to set up a world-scale polyethylene plant with a capacity of 450,000 tons/year. The plant, which will cost an estimated $1bn, will be owned 60% by ADNOC and 40% by Borealis - a 50-50 joint venture between Finland's Neste Oy and Norway's Statoil. ADNOC said in a statement that...