VIENNA, 8-10-2014 — /EuropaWire/ — Borealis, a leading provider of innovative solutions in the fields of polyolefins, base chemicals and fertilizers, has announced its intention to partner with Neste Oil and Veolia in a joint venture to modernise and operate the power plant in the Kilpilahti petrochemical cluster in Porvoo, Finland. Designed to meet demanding European emissions requirements, the power plant will supply Borealis’ integrated petrochemical complex in Porvoo with safe, reliable and sustainable energy.
Much of the existing power generation infrastructure dates back to 1971, and is nearing the end of its operating life. The joint venture, co-owned by Neste Oil (40%), Veolia (40%) and Borealis (20%), will implement a modernisation programme between 2015 and 2017, with planning already underway. The result will be new generating facilities comprising three new steam boilers which will comply with the latest environmental regulations, including the European Commission’s (EC) Industrial Emissions Directive.
Neste Oil plans to transfer its existing power plants at the Porvoo site into the joint venture in spring 2015. Borealis and Neste Oil will source energy for their respective activities in the integrated petrochemical complex from the joint venture on a contractual basis and Veolia will take responsibility for the operations.
“The modernisation of the power plant represents a milestone for our Porvoo location,” says Markku Korvenranta Borealis Executive Vice President Base Chemicals. “It further strengthens our integrated operations with Neste Oil, improves the environmental performance and supports a sustainable future for the Porvoo location. This joint-venture will secure our long-term reliable energy supply for our operations in Porvoo on a competitive basis.”
About Neste Oil
Neste Oil Corporation is a refining and marketing company concentrating on low-emission, high-quality traffic fuels. The company produces a comprehensive range of major petroleum products and is the world’s leading supplier of renewable diesel. Neste Oil had net sales of EUR 17.5 billion in 2013 and employs around 5,000 people, and is listed on NASDAQ OMX Helsinki. Neste Oil is included in the Dow Jones Sustainability World Index, and has featured in The Global 100 list of the world’s most sustainable corporations for many years. Forest Footprint Disclosure (FFD) has ranked Neste Oil as one of the best performers in the oil & gas sector. Further information: www.nesteoil.com
Veolia is the global leader in optimized resource management. With over 187,000 employees worldwide, the Group designs and provides water, waste and energy management solutions for industrials clients, public authorities and citizens who use its services. Through its three complementary business activities, Veolia helps to develop access to resources, preserve available resources, and to replenish them. In 2013, the group Veolia supplied 94 million people with drinking water and 62 million people with wastewater service, produced 54 million megawatt hours of energy and converted 38 million metric tons of waste into new materials and energy. The Group recorded consolidated revenue of EUR 23.4 billion in 2013.
Borealis is a leading provider of innovative solutions in the fields of polyolefins, base chemicals and fertilizers. This year, Borealis already celebrates its 20th anniversary. With headquarters in Vienna, Austria, Borealis currently employs around 6,400 and operates in over 120 countries. It generated EUR 8.1 billion in sales revenue in 2013. The International Petroleum Investment Company (IPIC) of Abu Dhabi owns 64% of the company, with the remaining 36% owned by OMV, the leading energy group in the European growth belt. Borealis provides services and products to customers around the world in collaboration with Borouge, a joint venture with the Abu Dhabi National Oil Company (ADNOC).
Building on its proprietary Borstar® and Borlink™ technologies and 50 years of experience in polyolefins, Borealis and Borouge support key industries including infrastructure, automotive and advanced packaging.
The Borouge 3 plant expansion in Abu Dhabi will be fully operational in 2014. Borouge 3 will deliver an additional 2.5 million tonnes of capacity when fully ramped up, bringing the total Borouge capacity to 4.5 million tonnes. Borealis and Borouge will then have approximately 8 million tonnes of polyolefin capacity.
Borealis offers a wide range of base chemicals, including melamine, phenol, acetone, ethylene, propylene, butadiene and pygas, servicing a wide range of industries. Together with Borouge the two companies will produce approximately 6 million tonnes of Base Chemicals in 2014.
Borealis also creates real value for the agricultural industry with a large portfolio of fertilizers. The company distributes approximately 2.1 million tonnes per year. This volume will increase to more than 5 million tonnes by the end of 2014.
Borealis and Borouge aim to proactively benefit society by taking on real societal challenges and offering real solutions. Both companies are committed to the principles of Responsible Care®, an initiative to improve safety performance within the chemical industry, and contribute to solve the world’s water and sanitation challenges through product innovation and their Water for the World™ programme.
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Borstar is a registered trademark of the Borealis Group.
Borlink and Water for the World are trademarks of the Borealis Group.
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