US EditionAdnoc and OMV announce deal to combine their petrochemical assets
- Adnoc and OMV have agreed to merge their polyolefins business, creating a $60 billion joint venture named Borouge Group International.
- The merger includes the acquisition of Nova Chemicals for $13.4 billion, enhancing the company's presence in North America.
- Dr. Sultan Al Jaber, Adnoc's managing director, highlighted the deal as a milestone in Adnoc's global chemicals strategy and partnership with OMV.
- The new company will be headquartered in Vienna, with a significant global footprint in the chemicals sector.
23 Articles
23 Articles
The negotiations take place for one and a half years due to complex mutual interests. In the end, the oil companies OMV and Adnoc form two subsidiaries and merge them together to form a 60 billion company. The headquarters remain in Austria.
OMV, Adnoc To Merge Borealis And Borouge, Buy Nova Chemicals - Canadian Plastics
Nova’s film recycling plant in Connersville, Ind. Photo Credit: Nova Chemicals Corp. Canada’s Nova Chemicals Corp. is part of a blockbuster new deal that will create the world’s fourth-largest polyolefins player. In a deal valued at US$60 billion, petrochemicals giants OMV and Abu Dhabi National Oil Co. (Adnoc) will merge their polyolefins businesses. Under the framework agreement, the two companies will form a joint venture company, Borouge Gro…
OMV and ADNOC Strike Deal to Create New Chemicals Giant
Austria’s OMV and Abu Dhabi’s ADNOC have struck a deal to combine their polyolefins business, creating a $60-billion major in the space, ADNOC said in a statement. The new company will be the fourth-largest polyolefins producer. “Leveraging its premium product portfolio and global sales and production footprint, Borouge Group International will be headquartered in Vienna with regional headquarters in Abu Dhabi and listed on the ADX,” ADNOC said.…
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