Borouge, a leading petrochemicals company that provides innovative and differentiated polyolefins solutions, confirmed shareholder approval of a $650 million (7.94 fils/share) final 2023 cash dividend at its Annual General Meeting (AGM).

The company also confirmed its intention to pay a total dividend of $1.3 billion for 2024, reinforcing its commitment to shareholder value.

Dr. Sultan Bin Ahmed Al Jaber, Minister of Industry and Advanced Technology and Chairman of Borouge, said, “In 2023, Borouge significantly outperformed its industry peers, demonstrating remarkable operational and financial resilience and reinforcing its position as one of the world’s most profitable and innovative polyolefin producers. Borouge is pursuing accelerated growth domestically and internationally.

“Locally, Borouge 4, a major strategic growth project, is expected to add approximately $1.5 - $1.9 billion to revenue annually after recontribution and full production ramp-up of the plant. Borouge 4 will boost the company’s production capacity by 28%, making Borouge’s Al Ruwais production site the world’s largest integrated single-site polyolefin complex.

“I am also pleased to announce a new expansion project. Our second ethylene unit (EU2) is advancing plans to increase our total production of olefins and polyolefins by 230,000 tonne after project completion in 2028 and is expected to contribute approximately $220 to 250 million to Borouge’s revenue per year .The company achieved record sales volumes of 5.1 million tonnes.

“Internationally, the company is pursuing accelerated global growth opportunities, including an opportunity in the Asia Pacific region that has reached feasibility stage. I am confident that Borouge will continue to deliver unparalleled performance and growth in 2024 and beyond, supported by its robust business model and focus on innovation and AI technology.”