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Adnoc's XRG and OMV Complete Deal to Create Chemicals Giant Borouge International
9 Articles
9 Articles
The merger of the OMV subsidiary Borealis with Borouge and Nova Chemicals is a coup. But also billion sales do not protect against dependence and war
OMV and the energy group ADNOC (Abu Dhabi) have completed the merger of their chemical divisions into the new Borouge International, headquartered in Vienna. The merger of Borealis, Borouge and Nova Chemicals creates a global plastic giant worth around 60 billion US dollars (52.1 billion euros). Borouge International is thus the fourth largest producer of polyolefin plastics. OMV and ADNOC hold 50 percent as equal partners each. On the Abu Dhabi…
Chemistry. The merger of OMV's subsidiary Borealis and Borouge from Abu Dhabi has been completed. The strategy for the Group fits, the timing is not so much.
On Tuesday, the Austrian OMV and its Arab core shareholder ADNOC completed the long-negotiated merger of their chemical divisions. With the new Borouge Group International AG, the two companies will create one of the world's largest plastics producers. The Group will be based in Vienna.
With the formal completion of the merger of their chemical divisions, OMV and its core Arab shareholder ADNOC have launched one of the world's largest plastics producers. Borouge Group International AG, based in Vienna and now jointly owned by OMV and ADNOC's investment arm XRG, will commence operations under the name Borouge International. For OMV CEO Alfred Stern, the completion is "a major step for OMV and the chemical industry."
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