Abu Dhabi National Oil Company has entered into formal negotiations with Austrian energy company OMV on the creation of a new combined petrochemicals holding entity.
The companies are proposing to merge their respective shareholdings in Borouge and Borealis.
The state energy company is negotiating as majority shareholder of Borouge and OMV as majority shareholder in Borealis. Any decision is subject to Borouge’s and other relevant parties’ governance processes, Adnoc said on Saturday.
“The potential merger would mark the next transformative milestone in Adnoc’s ongoing value creation…
