Download list
Locations / Sites
Contacts
Login
Back to News

Change in Borealis ownership structure underpins future growth

The International Petroleum Investment Company (IPIC) of Abu Dhabi and OMV Aktiengesellschaft of Austria have announced today their agreement to purchase Statoil's 50% shareholding in Borealis A/S.

As a result, the new Borealis ownership will be 65% IPIC and 35% OMV. Statoil will continue as a major long-term feedstock supplier to Borealis. Dr. Gerhard Roiss, Deputy CEO of OMV, will be the Chairman of Borealis A/S. Closing of the transaction is expected during the fourth quarter once regulatory approvals are received.

Commenting on the new ownership structure, Borealis' Chief Executive John Taylor said, "Borealis has successfully completed a major transformation of the company over the past four years. We continue to be committed to being a leading, innovative provider of plastics solutions to our customers". He added, "I am enthusiastic about this change in ownership as I believe it will provide the opportunity to further strengthen the company in its implementation of our value creation strategy launched in 2001."

IPIC's Managing Director, Mohamed Al Khaily, stated that, "IPIC's increased ownership in Borealis will further deepen the ties between Borealis and Borouge providing an even stronger foundation for continued growth in the Middle East and Asia. He added, "Our increased investment in the company is testament to the rewarding partnership we enjoy with Borealis and OMV. We are very pleased with Borouge's developments over the last three and a half years, especially with the potential of the Borstar® PE technology benefits to penetrate key differentiated growth market areas such as pipe and enhanced film applications."

From OMV, Dr. Gerhard Roiss said, "This change in ownership will enable Borealis to further develop integrated investment opportunities with its owners as well as exploring additional routes to achieve profitable growth". He emphasized, "I am particularly keen to reinforce Borealis' Research and Development capabilities as an integral part of their strategy to create and deliver value to their customers."

Statoil Chief Executive Helge Lund explained, "We are selling our interests in petrochemicals because this no longer forms part of our core business. The sale to IPIC and OMV also represents a good industrial solution for Borealis. As a responsible owner, Statoil has participated in developing Borealis industrially and financially to reach the strong position it occupies today."

John Taylor concluded, "I eagerly look forward to the continuing development of Borealis as an independent company under our new ownership structure. I would like to thank all our customers, suppliers and employees for their active involvement and support in our past successes. Together we will continue to actively pursue our vision of Shaping the Future with Plastics."

END

Media Contact
Virginia Wieser
Senior Manager, Corporate Communications, Brand & Reputation

Latest News

Media Release – 30/09/2021

Accelerating electrification with the “Cracker of the Future” Consortium

Read more

News – 09/09/2021

Renewably-sourced feedstock being tested at Borealis cracker in Stenungsund, Sweden

Read more

Media Release – 08/09/2021

Borealis signs wind farm power purchase agreement with Axpo, continuing to significantly boost share of renewable energy used in its Belgian operations

Read more

Media Release – 07/09/2021

Uponor Infra and Borealis collaborate to create a gravity plastic pipe with up to 70 % CO2 reduction

Read more

Media Release – 03/08/2021

Leo Alders appointed acting CEO of Borealis fertilizers, melamine and technical nitrogen business

Read more

News – 16/06/2021

Borealis supports Water & Sanitation for the Urban Poor (WSUP) in improving access to safe drinking water to the communities in Beira, Mozambique

Read more

Media Release – 16/06/2021

Borealis and Renasci reach an exclusive agreement enabling Borealis to offer commercial volumes of chemically recycled base chemicals and polyolefins since May 2021

Read more

Media Release – 15/06/2021

New photovoltaic rooftop array to provide power to Borealis location in Monza, Italy

Read more

Media Release – 08/06/2021

Borealis Commits to Major Expansion of Project STOP in Indonesia

Read more