Austrian chemicals firm realised a net profit of EUR423 million in 2013, compared to EUR480 million in 2012, putting down the decline to the softening fertiliser market against the back of an improving polyolefins business. For the first time in its history, Borealis says it recorded full year net sales in excess of EUR8000 million.

Borealis/ADNOC joint venture Borouge delivered a lower result in 2013 compared to 2012 due to the major turnaround in the first quarter of 2013 and costs incurred for the finalisation and preparation for start-up of the Borouge 3 project. During the last quarter of 2013, Borouge inaugurated a new Training Centre in Ruwais to support the development of its technical workforce and is now well on track to start-up the Borouge 3 plants during 2014.

Other strategies undertaken by Borealis, owned by The International Petroleum Investment Company (IPIC) of Abu Dhabi (64%) and European energy group OMV (36%), last year include the acquisition of Dutch speciality plastics producer DEXPlastomers, now renamed Borealis Plastomers.

Demonstrating commitment to growth in all its core businesses, Borealis acquired fertiliser manufacturers GPN SA (now Borealis Chimie) and 56.86% of Rosier SA. Today, Borealis holds 77.47% of the shares of Rosier. The name of Linzer Agro Trade was changed to Borealis L.A.T to align with the expanding European focus of Borealis’ Fertilizer Business Unit.

In addition to acquisitions, major European investment projects will help expand Borealis offerings: in January, Borealis announced the Borstar 3G upgrade in Porvoo, Finland, and the C4 upgrade project in Stenungsund, Sweden. In June, Borealis celebrated the inauguration of the Borealis Sirius catalyst plant in Linz, Austria.

The US$4.5 billion Borouge 3 expansion project in Abu Dhabi, UAE, is proceeding with start-up activities. The cracker start-up is scheduled for the end of the first quarter of 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.

“At the beginning of 2013 we knew it was going to be a challenging year, given the transformational activity ongoing within the company and the continuing difficult market environment in Europe,” states Mark Garrett, Borealis Chief Executive. “Although profits are lower in 2013, they have exceeded our expectations as the organisation was able to optimise performance across the businesses.”

“In the past years, Borealis has moved from a largely European Polyolefins-based company to a company built on a foundation of Polyolefins, Fertilisers & Base Chemicals, and Borouge,” says His Excellency, Khadem Al Qubaisi, Chairman of Borealis’ Supervisory Board and Managing Director of IPIC.