Abu Dhabi state energy firm Adnoc and Austria’s OMV are finalizing the formation of their giant Borouge Group International petrochemicals firm. Once complete, they will each own 50% in the $60bn company, which they say will be the fourth largest polyolefins producer in the world with access to 13.6mn t/y of nameplate capacity across Europe, the Middle East, and North America.
In a 25 March filing to the Abu Dhabi stock exchange (ADX), Adnoc subsidiary Borouge (Adnoc 54%, Borealis 36%, 10% free float) says it has completed its merger with Borealis (Adnoc 75%, OMV 25%). The third and final piece of the new firm will be the acquisition of Mubadala’s wholly owned subsidiary Nova Chemicals, which is expected to be finalized in the next few days. (CONTINUED - 261 WORDS)