Report
BOREALIS
9 RUE DES CARMES
TARBES, 65000  FR

Borealis has published its annual report and financial results 2021.


The year 2021 has been a transformative one under the new ownership structure established in 2020, in which OMV became the majority owner by increasing its stake in Borealis to 75%. As a transformative year, 2021 has been marked by endeavours central to the three principle goals outlined in the Borealis Group Strategy 2035: Geographical expansion in the form of acquisitions and partnerships, leverage Value Creation through Innovation to develop customer-centric and more circular polyolefins solutions and Leading from the core, building on the unique values and mindset of the company to ensure that striving for excellence characterises all Borealis activities and efforts. Borealis continued to make significant progress on its important global growth projects: Borealis and ADNOC signed an historic $6.2 bn final investment agreement to build the fourth facility at the Borouge polyolefins manufacturing complex in Ruwais, UAE. In North America, construction on the Baystar project in Texas (a 50/50 joint venture between Borealis and TOTAL Petrochemicals & Refining USA Inc) is progressing, as is the construction of the new world-scale propane dehydrogenation plant in Kallo, Belgium, despite minor delays due to pandemic-related issues. A number of strategic projects to further drive the transition from a linear to a circular economy, and reduce the company's environmental impact, have progressed well or were successfully completed. With a record net profit of EUR 1.40 bn in 2021, Borealis has achieved outstanding results in an industry environment still affected by the COVID-19 pandemic. As the first signs of economic recovery became visible at the start of 2021, demand for Borealis polyolefins, primarily in the energy, healthcare and mobility sectors, rose rapidly. The polyolefin share of the integrated polyolefin industry margin reached previously unseen levels due to an increase in demand, also accompanied by ongoing supply constraints due to logistics problems and industry production outages. The olefin industry margin expanded during 2021, albeit not as much as the polyolefin industry margin, as the market tightened on the back of stronger downstream demand in tandem with industry production outages. Consequently, the hydrocarbons business delivered a profit contribution significantly above 2020 levels, but below those reached in 2019 as the advantage from cracking light feedstock became less favourable. The contribution from Borouge more than doubled from 2020 to 2021, driven by the favourable market development, and despite lower sales volumes due to logistics constraints, especially around mid-2021. Fertilizers sales volumes dropped to 3.91 M tonnes in 2021. This decrease is attributed to the temporary spike in sales at the end of 2020, which reduced demand in the following year, but also to production issues, especially at locations in France. Yet there was improvement in the contribution from the nitrogen business unit, from EUR 7 M in 2020 to EUR 78 M in 2021. A favourable market environment supported this, particularly in the Melamine business, and despite the spike in the price of natural gas. Original source: Borealis, website: http://www.borealisgroup.com/.

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Wednesday, January 8, 2025