Dubai: The ADNOC joint venture Borouge has clocked revenues of $1.38 billion for the first quarter of 2023, gaining much from its ‘value enhancement program’ that created over $100 million in ‘revenue optimisation’.

The petrochemicals company, listed on ADX, confirmed it is well on track to meet its dividend commitment of $1.3 billion for 2023.

The Q1-23 revenues are higher from a year-on-year pespective, but from the fourth quarter 2022, it shows a decline. This, the company says, is principally due to the volume impact from the planned Borouge 2 'Turnaround'. "The Turnaround is part of Borouge’s regular plant maintenance schedule, which keeps the company’s asset base well-maintained and supports industry-leading asset reliability, and efficient and safe operations," said a statement.