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Borealis AG receives a EUR 150 million loan from the EIB for the further development of polymers

Banque européenne d'investissement - BEI/14/18   31/01/2014

Autres langues disponibles: DE

PRESS RELEASE

BEI/14/18

Luxembourg/Vienna, 31 January 2014

Borealis AG receives a EUR 150 million loan from the EIB for the further development of polymers

Borealis, a leading provider of innovative solutions in the areas of polyolefins, base chemicals and fertilisers, is receiving support from the European Investment Bank (EIB) for further research and development (R&D) in the field of plastic raw materials, i.e. polymers. With a long-term EUR 150 million loan, the EU bank is helping to finance product innovation in the area of advanced polymers. The two parties signed the loan contract in Luxembourg.

Borealis has customers in over 120 countries and around 6 200 employees worldwide. Together with Borouge, a joint venture with the Abu Dhabi National Oil Company (ADNOC), Borealis provides products and services to its customers throughout the world. Using the proprietary Borstar® und Borlink™ technologies and with 50 years of experience in the field of polyolefins (polyethylene and polypropylene), Borealis and Borouge supply products to key industries in the areas of infrastructure, automotive engineering and advanced packaging.

With this loan, the EIB is supporting Borealis’s multi-annual investment programme at the company’s Innovation Headquarters in Austria as well as in Finland and Sweden where it has other innovation centres. The project focuses primarily on product innovation in the area of advanced polymers. In addition, the funds will be used to finance the firm’s vocational training programme.

Borealis is receiving this loan under a financing programme implemented jointly by the EIB and the European Commission. This so-called Risk-Sharing Finance Facility is an innovative instrument for sharing credit risks. It is aimed at improving access to external financing for private companies and public institutions promoting projects presenting a high financial risk in the fields of R&D, demonstration and innovation. The financing of R&D is one of the EIB’s top priorities. In the past year alone, its total lending in this area amounted to EUR 15.6 billion.

At the signing of the loan contract, Wilhelm Molterer, EIB Vice-President responsible for lending operations in Austria, stated, ”Borealis demonstrates how well corporate research activities and the training of young people go hand-in-hand. An economically strong and competitive Europe needs both: innovative industries and a well-trained labour force. Here Borealis is making a major contribution, which the Bank is pleased to support with its loan.

”For Borealis, this new cooperation with the EIB represents a milestone in its investment in research and development in Europe“, said Daniel Shook, CFO of Borealis. “We are delighted to secure the EIB as a first-class partner for the financing of Borealis’s R&D innovation centres in Austria, Finland and Sweden.”

Background information:

The European Investment Bank (EIB) is the long-term lending institution of the European Union. Its shareholders are the EU Member States. The EIB’s prime task is to further the objectives of the European Union by making long-term finance available for sound projects. In addition to research, development and innovation, the Bank gives priority to the financing of strategic infrastructure, resource efficiency and small and medium-sized enterprises. www.eib.org

Borealis is a leading provider of innovative solutions in the fields of polyolefins, base chemicals and fertilisers. With a turnover of EUR 7.5bn in 2012, customers in over 120 countries and a current workforce of around 6 200 worldwide, Borealis is 64% owned by the International Petroleum Investment Company (IPIC) of Abu Dhabi and 36% by OMV, the leading energy group in the European growth belt. Borealis is headquartered in Vienna, Austria. Together with Borouge, a joint venture with the Abu Dhabi National Oil Company (ADNOC), Borealis provides products and services to its customers throughout the world.

www.borealisgroup.com

www.borouge.com

www.waterfortheworld.net

Press contact:

EIB:
Eva Henkel, e.henkel@eib.org, Tel.: +352 4379 82147, +352 621 339130
Website:
www.eib.org/press – Press Office: +352 4379 21000 – press@eib.org

Borealis:

Kerstin Meckler, Communications Director, Tel.: +43 (0)1 22 400 389 (Vienna, Austria),

e-mail: kerstin.meckler@borealisgroup.com


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