Borealis cancels petrochemical project in Kazakhstan
The Austria-based chemical supplier has scrapped the proposed development of a world-scale integrated ethane cracker and polyethylene project in Kazakhstan due to COVID-19 uncertainties.
Austria-based chemical supplier Borealis has announced that it is not proceeding with the development of a world-scale integrated ethane cracker and polyethylene (PE) project in Kazakhstan.
“The decision to discontinue this project is based on a thorough assessment of all aspects of the prospective venture and impacted by the effects of the COVID-19 pandemic as well as the increased uncertainty of future market assumptions,” Borealis officials said in a May 19 statement.
The project was first announced in March 2018, followed by a feasibility study that ran until the first quarter of 2019.