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."
Herbert Fritz, a veteran far-right extremist and co-founder of a minor far-right party, was arrested last year accused of spying
Foden's ninth league goal of the season secured the unconvincing 1-0 win
Off-spinner Ashwin (5-51) and left-arm wristspinner Kuldeep (4-22) shared nine wickets on a turning track to bundle out England for 145
Alexei Popyrin, who was a ball kid in the 2009 Dubai Duty Free Tennis Championships, will play in the 2024 edition of the tournament which starts on Monday
The Pegasus Cup runner-up edges reigning Dubai World Cup champion Ushba Tesoro in a thrilling finish at Riyadh
Mell Russ best in Division B while Candice Sauvan tops 21 and under Junior Division
The seven-year-old revelled in her role as 'player mascot' as she held hands with 'kind' Anna Kalinskaya during the opening ceremony for the women's final