News

Borealis, the Austrian plastics manufacturer, has reported a 15% increase in net profit to EUR130m (£102m) on sales up 14.5% to EUR1.7bn, in the first quarter of 2008.

The firm said this had been driven by growth in polyolefins, particularly in the advanced packaging and automotive segments. The newly formed base chemicals business also made a "positive" contribution, as did Borouge, Borealis' joint venture with Abu Dhabi National Oil.

Borealis said it would create a new Chemicals Industry City in Abu Dhabi with International Petroleum Investment and the Abu Dhabi Investment Council.

There are also plans to further expand Borouge, which provides plastic products in the Middle East, Asia Pacific and Africa, by adding 2.5 million tonnes per year of polyolefin capacity by 2014.

Borealis chief executive Mark Garrett said the performance was "solid" and a "strong focus" on key market segments continued to drive sales growth.