Austria-based petrochemicals manufacturer Borealis, owned by Abu Dhabi investment fund Mubadala, has announced completing the acquisition of Austrian plastics recycling firm Ecoplast Kunststoffrecycling.

In July, Borealis had said it has completed the buy-out of 100 per cent shares in Ecoplast, but the transaction was subject to regulatory approvals.

Ecoplast processes around 35,000 tonnes of post-consumer plastic waste from households and industrial consumers every year, turning them into low-density polyethylene (LDPE) and high-density polyethylene (HDPE) recyclates, primarily but not exclusively for the plastic film market.

Borealis currently produces 4.5 million tonnes a year of petrochemicals through its joint venture (JV) Borouge with Adnoc, and is set to significantly contribute to Abu Dhabi’s plans of creating an industrial hub in Ruwais as part of the emirate’s $45bn downstream growth plan.

Borealis is seeking to position itself as a responsible producer of petrochemicals, including plastics, in the wake of a global movement against the consumption of single-use plastics.

The company expects the recycled polyolefins market to grow substantially by 2021, forming the rationale of its Ecoplast acquisition.