Abu Dhabi’s Adnoc (60%) and Austria’s Borealis (40%) are considering a partial IPO of their Borouge petrochemicals business, the partners announced on 15 February. Borouge currently operates three crackers at Abu Dhabi’s downstream hub of Ruwais with 4.5mn t/y of polyolefins capacity. FID on the $6.2bn 1.5mn t/y Borouge 4 polyolefins complex was taken last year, with EPC awards made in December (MEES, 10 December 2021).
Further details were not provided, but Borouge would likely be listed on Abu Dhabi’s ADX bourse. Adnoc has carried out IPOs for two of its subsidiaries in recent years. Adnoc Distribution shares began trading in 2017 (MEES, 1 December 2017), while an IPO of Adnoc Drilling was carried out last year (MEES, 10 September 2021). (CONTINUED - 116 WORDS)