ADNOC and OMV to create $60-billion chemicals giant
ABU DHABI AND VIENNA, March 4, 2025 – ADNOC and global energy and chemicals group OMV Aktiengesellschaft have signed a binding framework agreement to combine their petrochemicals subsidiaries Borouge and Borealis to create Borouge Group International, the companies announced on Monday.
In parallel, ADNOC has agreed to buy 100% of Canadian petrochemical company Nova Chemicals from Mubadala Investment for USD 13.4 billion. Upon completion of the Borouge-Borealis merger, Borouge Group International will acquire Nova Chemicals to create a USD 60-billion global polyolefins company, the world’s fourth largest by nameplate capacity.
Borouge Group International will be headquartered in Vienna, Austria, and will have regional headquarters in the UAE and corporate hubs in Calgary, Pittsburgh and Singapore. The company will be listed on the Abu Dhabi Securities Exchange. ADNOC and OMV will hold equal stakes of 46.94%, and the remaining 6.12% will be free float.
ADNOC acquired a 24.9% stake in OMV AG in March 2024 to increase its shareholding in Borealis and Borouge.
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Upon completion of the transaction, ADNOC’s stake in Borouge Group International will be transferred to XRG, ADNOC’s USD 80-billion international investment arm for lower-carbon energy and chemicals.
“These transactions mark a pivotal milestone in ADNOC’s global chemicals strategy as we deliver on our international growth mandate. Building on our 25-year strategic partnership with OMV, we will create a new industry powerhouse with a portfolio of premium products, cutting-edge technologies and worldwide market access,” said H.E. Dr. Sultan Ahmed Al Jaber, ADNOC managing director and group CEO.
Borouge Group International will have more than 16,500 granted patents and an estimated combined polyolefins nameplate production capacity of approximately 13.6 million tonnes per year, including organic polyolefin growth projects currently under execution.
Photo courtesy of OMV
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