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11-22-2006

Borealis: Improved Profits in 3rd Quarter

Borealis further improved its financial performance in the third quarter of 2006, announcing a net profit of EUR 104 million, compared to EUR 92 million in the previous quarter, and EUR 40 million for the same period last year. This strong result was underpinned by the successful continued execution of the company’s value creation through innovation strategy.

Borealis reports that the 330 000 t/a expansion of its polypropylene facilities in Burghausen, Germany, iwith investment cost of EUR 200 million is progressing according to plan with completion scheduled for the end of 2007.

Furthermore, Borouge, the joint venture with the Abu Dhabi National Oil Company in the United Arab Emirates, announced the creation of an Innovation Centre based in Abu Dhabi. Fully operational in 2009, the research centre will concentrate on the development of innovative solutions for polyethylen applications.

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