OMV and ADNOC Strike Deal to Create New Chemicals Giant ...Middle East

Austria’s OMV and Abu Dhabi’s ADNOC have struck a deal to combine their polyolefins business, creating a $60-billion major in the space, ADNOC said in a statement. The new company will be the fourth-largest polyolefins producer. “Leveraging its premium product portfolio and global sales and production footprint, Borouge Group International will be headquartered in Vienna with regional headquarters in Abu Dhabi and listed on the ADX,” ADNOC said. The new company will also acquire Nova Chemicals for $13.4 billion to immediately…

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