Page 13 - DMEA Week 08 2022

DMEA NEWS IN BRIEF DMEA

COMPANIES gripping the country, acknowledging that the packaging, infrastructure and other industrial
supply shortages are the result of government sectors.
A-Z Petroleum Products inspectors’ failure to detect contaminated fuel Dhabi Polymers Company (Borouge) said:
Hazeem Sultan Al Suwaidi, CEO of Abu
shipments.
assigned BBB rating Horatius Egua, his senior advisor for media “This marks further progress on Borouge’s
In a statement read on February 20 by
growth journey and the development of
DataPro Limited, a technology-driven and communications, Sylva said: “In the last Ruwais into a dynamic, global hub for
credit rating agency (CRA) and fraud risk weeks, Nigerians have grappled with fuel downstream activity, enabling the UAE’s
management consulting firm in Nigeria, has scarcity – not because of the absence of supply long-term industrial growth and economic
assigned A-Z Petroleum Products Limited of products but due to inspection failure, diversification. Our PP5 unit, will enable us
a long-term rating of ‘BBB’ with a ‘stable’ which allowed adulterated products into the to meet our customers’ increasing demand
outlook for the year 2022/2023. country. This is regrettable, and the federal for polypropylene solutions, especially in the
The ‘BBB’ rating indicates ‘slight’ risk, government sympathises with the citizenry packaging and infrastructure sectors across
shows ‘fair’ financial strength, operating over the unforeseen hardship, occasioned by our key markets in the Middle East, Asia
performance and overall business profile. the inevitable scarcity.” Pacific and Africa.”
A-Z Petroleum has the ability to meet its He also sought the forbearance of Nigerian Built within the Borouge 3 plant, PP5 is
ongoing obligations, but its financial strength consumers, stressing that Abuja was working a key milestone in Borouge’s 2030 growth
is vulnerable to adverse changes in economic to resolve the matter as quickly as possible. strategy. The new unit will deliver 480,000
conditions, DataPro said. “Let me once again appeal to Nigerians to be tonnes per year (t/y) and contribute
A-Z Petroleum, incorporated in Nigeria patient with the government in finding lasting to increasing Borouge’s polypropylene
in December 1994, is a leading maker of solutions to the crisis,” he stated. production capacity by more than 25% to
petroleum products supplied to the African Sylva issued his statement at a time when 2.24 million t/y, and its total polymer capacity
market and overseas, including automotive reports of gasoline shortages remained of polyolefins by 11% from 4.5 to 5 million
lubricants and solvents. The company has widespread. The supply disruptions have t/y. The start-up of PP5 follows soon after
continuously increased its revenue over the caused transport fares to shoot upwards, and the announcement of the Final Investment
past five years. the cost of food and other goods is also on the Decision for the world-scale Borouge 4
DataPro had previously assigned A-Z rise. expansion which makes Borouge’s Abu Dhabi
Petroleum a short-term ‘A2’ rating, which BNE manufacturing facilities the world’s largest
indicates ‘fair’ credit quality and ‘adequate’ single-site polyolefin complex.
capacity for timely payment of financial Rainer Hoefling, CEO Borouge Pte,
commitments. The new rating carries a PETROCHEMICALS commented: “We work closely with our
maximum shelf life of 12 calendar months, in customers and value chain partners to
line with international best practices. Borouge starts up fifth PP achieve their circular economy commitments
NEWSBASE through several initiatives. These include the
unit development of mono-material packaging
solutions that are designed for recyclability.
FUELS Borouge, a joint venture between ADNOC We will be able to provide solutions that drive
and Borealis that provides innovative, value total cost benefits for customers by leveraging
Nigeria regrets shortages, creating polyolefin solutions, has announced Borstar® technology to deliver unparalleled
the successful start-up of its new fifth
cycle time improvements, reduced warpage,
acknowledges failures polypropylene unit (PP5) in Ruwais, UAE. and energy efficiency.”
The new unit will contribute to boosting the
Demand for products manufactured
Nigeria’s Minister of State for Petroleum UAE’s production of polypropylene to meet from polypropylene is set to rise in the
Resources Timipre Sylva has expressed regret the growing global demand for manufactured coming decades as it is a versatile and readily
for the gasoline shortages that have been products in the recyclable advanced recyclable material. The new PP5 unit will

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