Geopolitical tensions, economic data likely to affect yellow metal's prices, expert says
Borouge, a leading petrochemical company providing innovative, value-creating polyolefin solutions, on Tuesday announced a new long-term agreement with Adnoc Logistics and Services (Adnoc L&S).
Through this partnership, Adnoc L&S will manage integrated logistics for Borouge to a new main logistical hub at Khalifa Port and Kizad in Abu Dhabi.
The new agreement covers transportation and handling operations for Borouge-manufactured polymer products at Khalifa Port for export to international markets, complementing existing agreements between the two companies.
Furthermore, the new agreement will optimise the manufacturing and distribution value chain for Borouge and improve cost per unit, enabling competitive downstream growth of Adnoc’s petrochemicals and polymers business.
Under the terms of the agreement, both partners will harness their strengths to boost the UAE’s In-Country Value (ICV). The new agreement will see 85 per cent of its value flow back to the UAE’s economy, accelerating the development of critical local supply chain functions. The partnership highlights the commitment of both partners to prioritise ICV, and power the growth of the UAE economy and its development.
Hazeem Sultan Al Suwaidi, CEO of Borouge, said: "Our strategic collaboration with Adnoc L&S is key to realising our growth strategy and ambitions. The expansion of our agreement enables us to unlock further opportunities in the UAE and enhance local supply chains. Together, we are driving synergies to support the UAE’s economic diversification and building on the competitiveness of our national industries."
For his side, Captain Abdulkareem Al Masabi, CEO of Adnoc L&S, said: "Adnoc L&S with the support of Borouge, has established a strong track record of delivery across all contracted services. With the inclusion of Borouge’s UAE Gateway agreement, we have an expanded partnership that will cover all of Borouge’s logistics requirements from production site, to feeder vessel services to main port logistics. As part of our smart growth strategy leading up to 2030, we are committed to providing integrated services for our customers, strengthening our position as Adnoc Group’s logistics platform and delivering more efficiency. We will continue to invest in long-term partnerships which generate greater value from our operations within the UAE."
Rainer Hoefling, Chief Executive Officer of Borouge Pte, stated, "The latest agreement will increase our operational efficiencies and strengthen our relationships with our value-chain partners. The partnership plays a critical role in maximising our value proposition and helps us pivot with industry trends. Our collaboration will further develop the delivery of our sustainable and differentiated solutions, to meet growing global customer demands."
business@khaleejtimes.com
Geopolitical tensions, economic data likely to affect yellow metal's prices, expert says
The early age for first period is associated with many factors such as higher socio-economic status, obesity, nutritional status and general health
Hundreds of social workers and volunteers are working round the clock, providing essentials to those affected by the unprecedented rainfall
The floodwaters spared nothing, soaking their furniture, rendering household appliances useless, and destroying the newly-purchased school books
Second-placed Liverpool remain three points behind Arsenal, who have a vastly superior goal difference
The in-form Italian will move to within 330points of World No 1 Djokovic if he wins his fourth trophy of 2024 at the Madrid Open
The King, 88, had undergone gallbladder surgery in 2020
Delhi posted 224-4 courtesy of a 113-run stand between Pant (88) and fellow left-hander Axar Patel, who hit 66