Energy companies Adnoc and OMV have agreed to merge their polyolefin businesses.
 

OMV and the Abu Dhabi National Oil Company (Adnoc) have reached an agreement to merge their polyolefin businesses. Their respective chemical subsidiaries, Borealis AG and Borouge plc, will be combined in the new Borouge Group International, according to press releases from the companies. Adnoc and OMV each hold 46.94 per cent. In addition, Adnoc announced that it had signed a purchase agreement with Nova Chemicals Holdings GmbH, a leading North American polyethylene producer, for the Borouge Group to acquire the company for $13.4 billion. Adnoc most recently took over the Leverkusen-based plastics manufacturer Covestro in December 2024. The Borouge/Borealis merger and the acquisition of Nova Chemicals are to be completed simultaneously. The deal is expected to close in the first quarter of 2026, subject to regulatory approvals. The acquisition of Nova Chemicals is intended to strengthen the group's presence in North America and secure access to low-cost raw materials, it is reported. The aim is to exploit synergies and expand the market position in the growth regions of North America, Europe, Asia and the Middle East. The deal will create the world's fourth largest producer of polyolefins, with a production capacity of 12.2 million tonnes per year and an olefin capacity of 11.4 million tonnes per year. The new company is to be headquartered in Vienna, with a regional headquarters to remain in Abu Dhabi.
 
Sources:

• Press release OMV, press release Adnoc (4.3.2025)
• Photo: © Borealis