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IPIC subsidiary planning M&As in basic chemicals
ABU DHABI — Borealis AS Plastics, one of the world’s leading chemical makers, owned by Abu Dhabi’s International Petroleum Investment Company, or IPIC, is planning mergers and acquisitions in polyolefin’s and the basic chemicals industries in the next year five years, a top official said.
“We will try our best to do some M&A activity in the future, which will improve the volume, our skills and experience big time,” said Chairman Khadim Abudullah Al Qubais.
Speaking to reporters at a press conference organised to announce Dh1.5 million donations to the UAE Red Crescent and the Emirates Foundation, the Managing Director IPIC, who is also the Chairman of Borealis said that the chemical makers has set targets to become competitors to the world’s major in the business by “expanding its business through organic growth”. It will “develop and improve our sites in Canada, Europe and Abu Dhabi,” he further said.
Al Qubaisi said IPIC’s owned company Borouge, which is on an expansion mode has made achievements in the recent months, as it is starting up the Borouge–two to manufacture two million metric tons of polyolefin and other chemicals. The Borouge-one had the production capacity of 600,000 metric tons, a year.
The managing director said under the phase-three to be completed in 2013, another two million metric tons a year capacity will be added to raise the productions to 4.5 million metric tonnes, creating the world’s largest integrated polyolefin plant, next to the existing manufacturing facilities.
The Chief Executive of Borealis AG, Mark Garret said that his company is doing due diligence in spheres of polyolefin and the basic chemicals, but did not give details, as it is too early to discuss the matter. He said that the company has “an opportunistic approach,” to its M&A activity.
Borealis, he said will not do anything which it does not understand, and can make money in recession. The Chief Executive said his company was the only polyolefin manufacturer in the West that made money in the recession, where every other company suffered losses due to debts. — haseeb@khaleejtimes.com
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