Abu Dhabi’s Adnoc announced on 15 July that it is in discussions with Austria’s OMV to merge their respective shareholdings in the Borealis and Borouge petrochemicals firms. Borealis is a 75%:25% venture between OMV and Adnoc, while Borouge’s ownership structure is Adnoc (54%), Borealis (36%), with the remaining 10% listed on Abu Dhabi’s ADX exchange (MEES, 3 June 2022). Adnoc only acquired its 25% stake in Borealis in May 2022 when it took fellow state-firm Mubadala’s holdings (MEES, 6 May 2022). The merger would greatly simplify the firms’ structures, and Adnoc says it would “mark the next transformative milestone in Adnoc’s ongoing value creation and chemicals growth strategy.”