ADNOC joint venture Borouge hits $2.8b in H1-23 revenues

ADNOC joint venture Borouge hits $2.8b in H1-23 revenues

Stock-Borouge-Employee-at-Al-Ruways-Industrial-City

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Dubai: Abu Dhabi’s ADNOC JV Borouge has seen first-half 2023 revenues hit $2.8billion and adjusted EBITDA of $978 million. The Company’s Value Enhancement Programme delivered a material $253 million impact in efficiencies and revenue optimisation year to date.



In H1-2023, sales volumes grew by 1.5 per cent year-on-year to 2.4 million metric tonnes. Net profit for the period was impacted due to a sharp 22 per cent decline in average selling prices compared to their peak levels in Q2-2022, when prices were supported by a combination of high product benchmark rates and exceptional premia for PE and PP.









“In a challenging market environment, our results for the second quarter and first-half of 2023 are a demonstration of our resilience. Following the successful completion of the planned turnaround of our Borouge 2 facility, our production is at a very high utilisation rate. In addition, we continue to achieve significant efficiencies through our ambitious Value Enhancement Programme, which is assisting us in mitigating market pressures and positions us for further growth.



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