ADNOC begins process to list Borouge on Abu Dhabi Securities Exchange
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ADNOC begins process to list Borouge on Abu Dhabi Securities Exchange

ADNOC begins process to list Borouge on Abu Dhabi Securities Exchange

It intends to float 10 per cent of its petrochemicals joint venture that it entered into with Austria’s Borealis

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UAE’s Abu Dhabi National Oil Company (ADNOC) on Wednesday said that it intends to float 10 per cent of Borouge, a petrochemicals joint venture it entered into with Borealis, on the Abu Dhabi Securities Exchange (ADX) through an initial public offering (IPO).

The offering is expected to open on May 23, 2022, subject to regulatory approvals, according to state news agency WAM.

Borouge, established in 1998, has two ventures ADP, its operations joint venture headquartered in Abu Dhabi and PTE, its sales and marketing joint venture headquartered in Singapore.

Borouge, through ADP and PTE, employs over 3,100 people and caters to customers in more than 50 countries across Asia, the Middle East and Africa.

Borouge is a provider of polyolefin solutions for the agriculture, infrastructure, energy, advanced packaging, mobility and healthcare industries.

The Borouge portfolio of products comprises polyethylene and polypropylene, which have applications in sustainable packaging, pipes and fittings, wires and cables, automotive and medical products.

Borouge’s polymer solutions are categorised into two main product segments: consumer solutions and infrastructure solutions.

Consumer solutions include sustainable packaging, medical containers and greenhouse films, while infrastructure solutions include water and gas pipes and cables for power transmission.

Earlier this month, ADNOC said that it would acquire a 25 per cent shareholding in Borealis from Mubadala.

When the transaction is complete, Borealis will be owned 25 per cent by ADNOC and 75 per cent by OMV, an Austrian multi-national integrated oil, gas and petrochemical company listed on the Vienna Stock Exchange.

Read: Abu Dhabi National Oil Company to acquire 25% stake in Borealis

In February, Borouge announced the start up of its new fifth polypropylene unit (PP5) in Ruwais. The new facility was aimed at increasing Borouge’s polypropylene production capacity by more than 25 per cent to 2.24 million tonnes per year.

Read: Borouge starts up fifth polypropylene unit in Ruwais

“Following the highly successful listings of ADNOC Distribution, ADNOC Drilling and Fertiglobe, ADNOC is bringing to the market a UAE-based, globally competitive market leader. Today’s proposed listing, our fourth subsidiary to come to market, is another significant milestone,” said Dr. Sultan bin Ahmed Al Jaber, Minister of Industry and Advanced Technology and ADNOC managing director and group CEO.

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