March 6, 2025 16:23

The polyolefin merger project involving Borealis and Borouge, along with the acquisition of Canadian group Nova Chemicals, announced last year, is taking shape following the signing of an agreement between OMV and Abu Dhabi National Oil Co. (Adnoc).

The petrochemical ties between these companies are already strong. Adnoc holds 24.9% of Borealis, which is 75% owned by OMV and 25% by Adnoc. Meanwhile, Borouge is controlled 54% by Adnoc, 36% by Borealis, with the remaining 10% publicly traded. The third entity in the deal, Nova Chemicals, is currently under the control of Mubadala Investment, Abu Dhabi’s sovereign wealth fund, via Nova Chemicals Holding.