Vienna-based plastics maker Borealis has concluded a €200m ($266m) export credit agency (ECA) loan that will be used to fund the development of a petrochemicals complex in Abu Dhabi.

The proceeds will be used for the development of Abu Dhabi Polymers Company (Borouge) polyolefins project. Borouge is a joint venture between Borealis and Abu Dhabi National Oil Company (Adnoc).

The loan is split between an 18 month tranche and an eight-year tranche. Oesterrichische Kontrollbank, an Austrian ECA will provide the funds.

Engineering and construction firms are waiting for a decision on an estimated $200m deal to build a specialist plastics plant for Borouge after submitting commercial bids on 17 January (MEED 19:01:11).

The project is part of the third phase expansion of the Ruwais petrochemicals complex, which is already under way. The expansion will increase total polyolefins production capacity by 2.5 million tonnes a year (t/y) to 4.5 million t/y by 2014, making the plant one of the largest basic plastics facilities in the world.