CEO of Austria-based Borealis, Mark Garrett said that, â€œThis project would significantly strengthen Borealisâ€™ 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.â€
Zhenis Osserbay, UCCâ€™s chief executive said that, â€œA polyethylene plant of this scale would be a significant step forward in creating long term, sustainable value for Kazakhstan from its petrochemical industry,â€ and he also added that, â€œWe look forward to continuing our work with Borealis in developing this opportunity.â€
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.
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