Borealis said Tuesday it would invest Eur65 million ($85.4 million) to upgrade the Borstar PE2 (polyethylene2) plant technology to the third generation, extending the Borstar PE platform at its production site in Porvoo, Finland.
"This investment follows on the heels of one announced earlier this year, namely the Eur25 million investment in the installation of a new hot oil heater unit at the phenol complex of the Porvoo plant," the company said.
It said it saw developing Borstar technology as a cornerstone of its polyolefins success.
Borealis in Finland is a integrated petrochemical complex which includes a steam cracker, a phenol and aromatics plant, two PE plants and one plant for polypropylene.
"While providing manufacturing services with the production of PE and PP, Porvoo benefits from the close proximity to the Nordic markets and is ideally situated to serve the Russian and Eastern European industrial markets," it said.
