VIENNA (Reuters) - Plastics maker Borealis, owned by Abu Dhabi state fund Mubadala [MUDEV.UL] and energy group OMV, said on Sunday it will build a 1 billion euro ($1.2 billion) plant in Belgium to boost its capacity to produce polypropylene in Europe.
The new site will produce 750,000 tonnes of polymer-grade propylene per year, making it one of the largest and most efficient facilities in the world, Borealis said.
The propane dehydrogenation plant will be located at its existing production site in Kallo, Antwerp, and is scheduled to start up in the first half of 2022.
Borealis, which makes plastic products ranging from food packaging to pipes and lightweight car parts, said the hydrogen that is a by-product of the dehydrogenation process will be sold to Air Liquide under a long-term agreement.
Borealis has 6,500 employees and posted sales of 7.5 billion euros ($8.6 billion) last year.
Reporting by Kirsti Knolle; Editing by Jan Harvey