UAE Equity Research - Borouge PLC 2Q25- First Look Note
Completed B3 turnaround eight days early, executing 88 debottlenecking projects and Borouge 4 tie-ins, significantly improving asset performance and ensuring six years reliability. PE premia rose to USD 249 per tonne, PP premia hit USD 141 per tonne, both exceeding targets, supported by product differentiation, market reallocation, and commercial discipline.