ADNOC and OMV announced a strategic proposal to combine Borouge and Borealis, and the acquisition of NOVA Chemicals to create Borouge Group International
Abu Dhabi National Oil Company (ADNOC) and OMV have announced a significant merger, combining Borouge and Borealis to create Borouge Group International, which will acquire Nova Chemicals for USD 13.4 billion.
The merger will establish Borouge Group International as the world’s fourth-largest polyolefins producer.
The new entity will be headquartered in Vienna with regional headquarters in Abu Dhabi and listed on the Abu Dhabi Securities Exchange (ADX).
ADNOC and OMV will jointly control Borouge Group International, each holding 46.94% shares.
The merger will leverage premium products, global sales, production capabilities, and realize around USD 500 million in synergies annually.
Borouge Group International aims to have a nameplate production capacity of 13.6 million tons per annum and plans to raise up to USD 4 billion of primary capital in 2026.
ADNOC’s stake in Borouge Group International will be transferred to XRG, an energy investment company.
The merger is expected to be completed in Q1 2026, subject to regulatory approvals.
Source: ADNOC