Following receipt of the necessary regulatory approvals, the transaction announced on June 30 in which the International Petroleum Investment Company (IPIC) of Abu Dhabi and OMV Aktiengesellschaft of Austria agreed to purchase Statoil's 50% shareholding in Borealis A/S, has been closed.
The new ownership of Borealis is 65% IPIC and 35% OMV. The Deputy CEO of OMV, remains the Chairman of Borealis A/S and the Managing Director of IPIC, will be the Vice Chairman. Both IPIC and OMV are fully supportive of Borealis' value creation through innovation strategy. Statoil will remain as a major long-term feedstock supplier to Borealis.
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Borealis and Borouge are leading providers of innovative, value creating plastics solutions. With more than 40 years of experience in polyolefins and using our unique Borstar® technology, we focus on the infrastructure, automotive and advanced packaging markets across Europe, the Middle East and Asia. Our production facilities, innovation centres and service centres work with customers in more than 170 countries to provide the materials that make an essential contribution to society and sustainable development. We are committed to the principles of Responsible Care® and to leading the way in 'Shaping the Future with Plastics'™.
For more information on Borealis and Borouge, a joint venture between Borealis and the Abu Dhabi National Oil Company, visit www.borealisgroup.com and www.borouge.com.
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