Austrian chemical company Borealis has unveiled plans to create a joint venture (JV) with Neste Oil and Veolia to operate a power plant in the Kilpilahti petrochemical cluster in Porvoo, Finland.
With the proposed project, Borealis will be able to meet the energy requirements of its petrochemical complex in Porvoo.
Neste Oil and Veolia will each own a 40% stake in the JV, while Borealis will hold the remaining 20% stake.
Borealis Base Chemicals executive vice-president Markku Korvenranta said: “The modernisation of the power plant represents a milestone for our Porvoo location.
“It further strengthens our integrated operations with Neste Oil, improves the environmental performance, and supports a sustainable future for the Porvoo location.
“This joint venture will secure our long-term reliable energy supply for our operations in Porvoo on a competitive basis.”
The JV will commence a modernisation project between 2015 and 2017 for three new steam boilers.
The project will combine Neste Oil’s existing power plants at the Porvoo site, which will be moved in spring 2015.
The power plant will cater to the energy requirements of Borealis and Neste Oil at the petrochemical complex on a contractual basis, while Veolia will manage the operations.