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Key figures of Borealis in 2018.
Key figures of Borealis in 2018.

Borealis recently announced a net profit of € 906 million for the full year of 2018, compared to € 1,095 million in 2017, showing a decrease of about 21%.

The 2018 result was driven by weaker integrated PO margins and an improved profit contribution from Borouge compared to 2017. The contribution from base chemicals was lower compared to 2017, due to a continued weak fertilizer business.

Although the net profit was lower than the previous year, “2018 was another year with a strong financial performance for Borealis”, according to Alfred Stern, Borealis CEO.

For the fourth quarter of 2018, the company recorded a net profit of € 94 million, compared to € 247 million in the same quarter of 2017.

The fourth quarter result reflected a weaker economic and industry environment for the integrated polyolefins (PO) business and includes an impairment charge of € 92 million for the fertilizer business.

Continues journey of sustainable global growth

In 2018, Borealis strengthened its commitment to support the growth of its European customers by taking the final investment decision for a new, world-scale propane dehydrogenation (PDH) plant in Kallo (Antwerp), Belgium, after successfully concluding the Front-End Engineering & Design (FEED) study in June 2018. The plant is scheduled to start up in the first half of 2022 and will have a targeted production capacity of 750,000 tonnes per year, making it one of the largest and most efficient facilities in the world.

Borealis took the final investment decision to expand the capacity of its polypropylene (PP) plant in Kallo, Belgium, by 80kt. The added capacity is expected to come on stream in mid-2020. Borealis also approved the start of the FEED phase for the expansion of its PP plant in Beringen, Belgium. The final investment decision on this 250-300kt expansion is foreseen by the end of 2019.

Borealis, Total and NOVA Chemicals announced the establishment of their joint venture in petrochemicals on the U.S. Gulf Coast. The company named Bayport Polymers LLC (Baystar) is 50% owned by Total and 50% owned by Novealis Holdings LLC, a joint venture between Borealis and NOVA Chemicals. The Baystar joint venture includes an under-construction 1Mt/y ethane steam cracker in Port Arthur, Texas, as well as Total’s existing polyethylene 400kt/y facility in Bayport, Texas.

Moreover, Borealis strengthened its commitment to plastics recycling and the circular economy, with the full acquisition of Austrian plastics recycler Ecoplast Kunststoffrecycling GmbH. Ecoplast processes around 35,000 tonnes of post-consumer plastic waste from households and industrial consumers every year, turning them into high-quality low- and high-density polyethylene (LDPE and HDPE) recyclates, primarily, but not exclusively, for the plastic film market.

Borouge

Borouge, Borealis’ joint venture with the Abu Dhabi National Oil Company (ADNOC) in the United Arab Emirates (UAE), commenced the construction of its fifth polypropylene unit within the Borouge 3 plant in Ruwais, UAE.

This will grow Borouge’s polypropylene capacity by more than 25% to 2.24 million tonnes per year and unlock new opportunities to boost the local economy. It will also contribute to growing Borouge’s total polymers production capacity by almost 11% to reach 5 million tonnes per year.

Outlook

With the slowdown of the global economy and the increased geopolitical risk, the company expected the market conditions to be less favourable in 2019. However, with our focus on customers, value creation through innovation and circularity, Borealis is well positioned for the future. As a result we anticipate 2019 to be another good year,” commented Alfred Stern, Borealis CEO.

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