Abu Dhabi National Oil Company and OMV Aktiengesellschaft have signed a binding agreement to merge their shareholdings in Borouge plc and Borealis AG, creating Borouge Group International. ADNOC has also entered into an agreement to acquire Nova Chemicals Corporation for 13.4 billion US dollars, expanding its footprint in North America. The combined entity is expected to become the fourth-largest polyolefins producer globally, with a nameplate production capacity of 13.6 million metric tonnes per annum.
Key Highlights:
- Borouge Group International will be headquartered in Austria with regional hubs in the UAE, Canada, the US, and Singapore.
- The company will be listed on the Abu Dhabi Securities Exchange (ADX), subject to regulatory approval.
- ADNOC and OMV will each hold 46.94 percent of the company, with 6.12 percent in free float.
- A 4 billion US dollar capital raise is planned for 2026 to support index inclusion and an investment-grade credit rating.
- The company aims to generate over 7 billion US dollars in annual EBITDA, with 500 million US dollars in expected synergies.
- A 90 percent dividend payout ratio is planned, with a minimum annual payout of 16.2 fils per share.
Sustainability Commitment:
Borouge Group International will build on the existing net-zero targets of Borealis and Borouge, focusing on circular economy solutions and low-carbon polyolefin production.
Completion Timeline:
The transaction is expected to close in Q1 2026, subject to regulatory approvals. Following completion, ADNOC’s stake in Borouge Group International will transfer to XRG, supporting its global chemicals strategy.
For more information visit www.adnoc.ae
