Borealis announced a EUR 160 million investment in its production location in Stenungsund, Sweden. The investment entails the upgrade and revamp of four cracker furnaces to the highest currently available standards in process safety and energy efficiency. The Stenungsund programme is scheduled to begin in late 2016 and be completed by 2020.
The investment programme entails revamping four of the current six furnaces and shutting down completely the two remaining, ageing ones. Safety and process safety will receive the highest priority during programme implementation and start-up phase.
Borealis' Stenungsund cracker offers world-class feedstock flexibility as well as Europe's largest feedstock storage capacity. Due to its strong downstream integration, a highly reliable, safe, and efficient cracker is essential for the continued success of Borealis' profitable wire and cable business. Only last year, Borealis announced a multi-million investment in an upgrade of the cracker and the construction of an ethane storage tank to store ethane imports from the US and Europe.
"Our Stenungsund cracker operations are a key strategic asset and major contributor to our success," says Mark Garrett, Borealis Chief Executive. "This investment programme is especially beneficial, enabling us to secure improved reliability and operability whilst reducing plant complexity and maintenance requirements."