Abu Dhabi petrochemicals firm Borouge reported a 33% increase in second-quarter net profit, reaching $308 million, surpassing analysts' expectations of $294.67 million. The rise in profit was driven by higher production volumes and improved efficiencies, with revenues climbing 6% to $1.5 billion. Borouge, a joint venture between ADNOC and Borealis, has benefited from its strong presence in the Asia Pacific region, which accounted for two-thirds of its sales, alongside growing markets in the Middle East and Africa.

Last week, Borouge announced plans to develop a polyolefins complex in China with Wanhua Chemical, through a consortium with ADNOC and Borealis, aiming to expand its footprint in Asia. Meanwhile, ADNOC and OMV are discussing a potential merger of Borouge and Borealis, potentially forming a chemicals giant with annual sales exceeding $20 billion. Borouge remains committed to a 2024 dividend of $1.3 billion and has made significant progress on the Borouge 4 project, which is expected to boost production capacity by 28% and add $1.5-1.9 billion in annual revenue.