The OIL and gas group OMV and his most important shareholder Adnoc from Abu Dhabi have now agreed the merger of their two Petrochemia daughters Borealis and Borouge.
A joint venture must be founded under the name Borouge Group International, in which OMV and Adnoc, the Abu Dhabi National Oil Company, must be involved in equal parts. At the same time, an agreement on the purchase of the Nova Chemical was reached for 9.4 billion euros, the OMV announced on Monday.
Years of negotiations
From the start one of the greatest chemical players in the world has been founded, a plastic group that is one of the top 5. The agreement was preceded by months or years of discussions- already in November 2023 it was said that “the last negotiations”.
Borealis and the Arabian Borouge produce so -called polyolefines. These are included in 40 percent of all plastics. For example, they are used for cables, pipes, packaging or medical devices. Until now, the plastic daughter of Borealis was mainly active in Europe, Borouge alone in Asia and Africa.
Source: Krone
I’m Ben Stock, a journalist and author at Today Times Live. I specialize in economic news and have been working in the news industry for over five years. My experience spans from local journalism to international business reporting. In my career I’ve had the opportunity to interview some of the world’s leading economists and financial experts, giving me an insight into global trends that is unique among journalists.
