A 60 billion dollar colossus is born in the polyolefins sector

Adnoc (Abu Dhabi National Oil Company) and OMV have signed an agreement to combine their respective stakes in Borealis and Borouge to create a new company, Borouge Group International, which will acquire Nova Chemicals Corporation for 13.4 billion dollars. Borouge Group International will become the world's fourth largest polyolefins producer.

The new company will combine the complementary strengths in polyolefins of the three companies involved in the transaction, such as competitive raw materials, a diversified premium product portfolio, direct access to growth markets, world-class technologies and circularity. With an expanded production facility, innovation centres and a global sales network, Borouge Group International will have a combined nominal polyolefin production capacity of approximately 13.6 million tonnes per year in Europe, the Middle East and North America.

Both Adnoc and OMV will hold equal stakes of 46.94% in Borouge Group International, which will be headquartered in Vienna with regional offices in Abu Dhabi and will have a world-class product portfolio and global presence in both production and sales. The integration of Borealis and Borouge and the acquisition of Nova Chemicals Corporation are expected to be completed by the first quarter of 2026, subject to conditions and regulatory approvals. The new company will also initially be listed on the Abu Dhabi Securities Exchange (ADX), with a possible future listing on the Vienna Stock Exchange. Borouge Group International is expected to generate Ebitda in excess of 7 billion dollars per year.