Borealis announces record net profit for 2014
The company cited stronger margins in the olefins and polyolefins business and an improved contribution from its Borouge affiliate following the startup of the Borouge 3 project, the biggest integrated polyolefins complex in the world, as the main reasons behind their stronger yearly results. Borouge, a joint venture between Borealis and the Abu Dhabi National Oil Company, is expected to have a total capacity of 4.5 million tons once the Borouge 3 complex is fully completed. By the end of the last year, three out of five polyolefin plants were launched.
The company also stated that they expected to see lower profitability in 2015 compared to 2014 amid weaker monomers prices as well as lower crude oil prices.
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