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UAE’s Borouge to cut costs amid lower plastics prices

by ChemOrbis Editorial Team - content@chemorbis.com
  • 25/11/2015 (11:08)
According to media reports, UAE-based Borouge, a joint venture between the Abu Dhabi National Oil Company (ADNOC) and Austria’s Borealis, has decided to cut costs in order to alleviate the effects of lower plastics prices stemming from plunging crude oil costs as well as weaker global demand. The company’s CEO reportedly said that due to lower plastics prices, which have declined 30% so far this year, they will carefully manage their spending.

Due to the long-term downturn in oil prices, several major producers like Shell, BP Plc and Eni previously announced that they will reduce spending and defer projects in order to strengthen their balance sheets.
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