Vienne (AFP) – Austrian oil companies OMV and Emirati ADNOC have formed a new global leader in plastics production, Borouge International, confirming their diversification strategy in the lucrative chemical sector.
“Borouge International brings together the highly complementary strengths of three leaders in the polyolefins market” and “benefits from one of the most geographically diverse platforms in the world,” OMV said in a statement.
Concretely, the group, presented on the Borouge International website as a “new global champion in polyolefins worth $60 billion,” is composed of Borouge, Borealis, and NOVA Chemicals.
The group, with its global headquarters in Vienna, now positions itself as the fourth global producer of polyolefins, the most important family of widely consumed plastic materials.
According to its founders, it is also the first producer focused solely on polyolefins, which are used in the production of products such as packaging, piping, and assembly, where global demand is increasing.
XRG, the international investment arm of ADNOC, and OMV will each hold 50% of the capital of the new entity, whose creation is seen as a major diversification step for both players.
OMV is the first listed company on the Vienna Stock Exchange.
AFP/CK
