CEO of Austria-based Borealis, Mark Garrett said that, “This project would significantly strengthen Borealis’ position in the CIS markets; adjacent to our home market, with growth rates above WE and significant potential for development of advanced PE business based on our Borstar technology.”

Zhenis Osserbay, UCC’s chief executive said that, “A polyethylene plant of this scale would be a significant step forward in creating long term, sustainable value for Kazakhstan from its petrochemical industry,” and he also added that, “We look forward to continuing our work with Borealis in developing this opportunity.”

The scope of the agreement will include the construction of an ethane cracker and two Borstar PE units, with a total capacity of 1.250 ktpa and with a pre-investment in the cracker for future expansion. The final investment decision on the project is expected to be taken in 2020 and start-up would be scheduled for 2025.