#Borealis
Borouge Group International will be jointly controlled as an equal partnership between ADNOC and OMV, with OMV injecting EUR1.6bn cash into the consolidated entity to equalise shareholding
The proposed complex is projected to produce 1.6 million tonnes per annum of speciality polyolefins
ADNOC is striking strategic deals across Europe, as it seeks to diversify, its upstream and downstream operations
The company said it intends to nominate two representatives to the OMV supervisory board
The interim dividend will be paid to shareholders who have purchased Borouge shares as of September 7
ADNOC has been expanding a refining and chemicals hub in Abu Dhabi to find additional outlets for its oil and natural gas production
Borouge reported that the adjusted EBITDA increased 1.7 per cent to $1,512m, whilst net income increased 2.5 per cent to $853m
The IPO subscription period has commenced today, May 23, and will close for retail investors on May 28, 2022
It intends to float 10 per cent of its petrochemicals joint venture that it entered into with Austria’s Borealis
The investment in Borealis expands ADNOC’s international footprint in the fast-growing chemicals and petrochemical sector in Europe and the Americas
The state-owned energy company and Austrian chemicals producer plan to sell a 10 per cent stake in their Borouge plastics unit by the end of the quarter
The new facility will increase Borouge’s polypropylene production capacity by more than 25 per cent to 2.24 million tonnes per year
Borouge manufactures plastics used in everything from automobiles and food packaging to medicine vials and piping systems