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  • ADNOC Statement on Potential Borouge-Borealis Merger
    édité le 17/07/2023 - Plus de news de "ADNOC" - Voir la fiche entreprise de "ADNOC"


ADNOC Statement on Potential Borouge-Borealis Merger
Abu Dhabi National Oil Company (ADNOC) P.J.S.C. (“ADNOC”) is excited to confirm that, following initial exploratory discussions, it has entered into formal negotiations with OMV AG (OMV), about the potential creation of a new combined petrochemicals holding entity, through the proposed merger of their respective existing shareholdings in Borouge plc (“Borouge”) and Borealis AG (“Borealis”).

Borouge is listed on the Abu Dhabi Securities Exchange (“ADX”) with 54% owned by ADNOC, 36% by Borealis, and 10% held by retail and institutional investors. Borealis is owned 75% by OMV with ADNOC holding 25%.

ADNOC is undertaking these negotiations as majority shareholder of Borouge, and OMV as majority shareholder in Borealis, with any final decision subject to Borouge’s, and other relevant parties’, governance processes.

The potential merger would mark the next transformative milestone in ADNOC’s ongoing value creation and chemicals growth strategy, with any transaction subject to customary regulatory clearances.

ADNOC will provide further material updates as and when appropriate.

About ADNOC

ADNOC is a leading diversified energy and petrochemicals group wholly owned by the Emirate of Abu Dhabi. ADNOC’s objective is to maximize the value of the Emirate’s vast hydrocarbon reserves through responsible and sustainable exploration and production to support the United Arab Emirates’ economic growth and diversification.

About OMV Aktiengesellschaft

With Group sales revenues of EUR 62 bn and a workforce of around 22,300 employees in 2022, OMV is amongst Austria’s largest listed industrial companies.

In Chemicals & Materials, OMV through its subsidiary Borealis, is one of the world’s leading providers of advanced and circular polyolefin solutions and a European market leader in base chemicals, fertilizers, and plastics recycling. Together with its two major joint ventures – Borouge (with ADNOC, in the UAE and Singapore) and Baystar™ (with TotalEnergies, in the USA) – Borealis supplies products and services to customers across the globe. OMV’s Fuels & Feedstock business produces and markets fuels as well as feedstock for the chemical industry, operates three refineries in Europe, and holds a 15% stake in a refining joint venture in the UAE. OMV operates around 1,700 filling stations in eight European countries. In the Energy segment, OMV explores and produces oil and gas in the four core regions of Central and Eastern Europe, Middle East and Africa, North Sea, and Asia-Pacific. Average daily production in 2022 amounted to 392 kboe/d. Its activities also include the Low Carbon Business as well as the entire gas business.

OMV intends to transition from an integrated oil, gas, and chemicals company to become a leading provider of innovative and sustainable fuels, chemicals, and materials, while taking a leading global role in the circular economy. By switching over to a low-carbon business, OMV is striving to achieve net zero in all three Scopes by 2050 at the latest.

OMV shares are traded on the Vienna Stock Exchange (OMV) and as American Depository Receipts (OMVKY) in the U.S.


Origine : Communiqué ADNOC

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