XRG-OMV Complete Blockbuster Petrochemicals Merger

3 Apr 2026 Issue: 69 / 14 By: James Marriott

Adnoc’s XRG demonstrated this week that it’s business as usual despite the Middle East conflict, with the completion of the Borouge/Borealis merger. The company’s importance to Adnoc as an international investor is hard to ignore against this geopolitical backdrop.

Abu Dhabi’s XRG and Austrian IOC OMV have completed the highly complex merger of their Borealis and Borouge polyolefins businesses, adding in the acquisition of Nova Chemicals for good measure. The result is a $60bn polyolefins giant with a global presence. Completion of the transaction against a backdrop of regional conflict sends a reassuring message to markets that XRG is still getting business done. The transaction was confirmed on 31 March.

The newly formed Borouge Group International petrochemicals firm is held 50:50 by OMV and Adnoc’s international venture XRG. The partners say that it is now the fourth largest polyolefins producer in the world, with access to 13.6mn t/y of capacity across Europe, the Middle East, and North America. It is headquartered in Vienna, with a regional headquarters in Abu Dhabi. (CONTINUED - 1053 WORDS)