$60-Billion Adnoc-OMV-Nova Chemicals Deal Creates Global Polyolefins Powerhouse
March 5, 2025Abu Dhabi National Oil Company (Adnoc) and Austria’s OMV are merging their polyolefin businesses, Borealis and Borouge, into Borouge Group International, which will also acquire Nova Chemicals Corp. for $13.4 billion. This move will create the world’s fourth-largest polyolefins producer with an estimated annual production capacity of 13.6 million tons.
Borouge Group International will be jointly controlled by Adnoc and OMV, each holding 46.94%, with OMV injecting $1.6 billion to equalize shares. The new entity will be headquartered in Vienna, with regional offices in Abu Dhabi, Calgary, Pittsburgh, and Singapore, and listed on the Abu Dhabi and Vienna stock exchanges.
The deal strengthens Adnoc’s global chemicals strategy, expanding its North American presence and reinforcing Abu Dhabi’s leadership in the chemical sector. It also aligns with sustainability goals, targeting net-zero emissions (Scope 1 and 2) before 2050. Completion is expected by Q1 2026, after which Adnoc’s stake will be transferred to its XRG Global Chemicals Platform, an $80-billion investment entity.
