Borouge Suspends Production in Damaged Areas, Assessment Ongoing
Damage assessment and repair work are underway in affected areas.
The world’s fourth-largest polyolefins producer, Borouge, stated that it has suspended operations in areas affected by the debris from an aerial attack on its facilities on Sunday, April 5.
The company shared with the Abu Dhabi Securities Exchange, where its shares are listed, that damage assessment and repair work are underway.
Its statement read, "Borouge retains significant financial resilience to navigate short-term operational disruption due to its strong cash generation and significant available liquidity."
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The company sold a "significant portion" of its production in March, using alternative routes and has additional inventories in storage, awaiting shipment.
The global energy investment arm of Adnoc, Abu Dhabi's XRG, and Austrian company OMV revealed last week that they had finalized a process to create Borouge Group International.