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March 04, 2025
News
Corporate Growth

OMV and ADNOC to create USD 60+ bn global polyolefins champion

Vienna/Abu Dhabi, March 4, 2025

  • Accelerates implementation of OMV’s Strategy 2030, generating significant value for OMV and its shareholders
  • Signed agreement foresees strategic combination of Borealis and Borouge under the newly created company Borouge Group International, set to become world’s fourth largest polyolefins company
  • OMV and ADNOC with equal shareholdings of 46.94% each and equal partnership in Borouge Group International following cash injection of EUR 1.6 bn (reduced by dividends paid out until closing) by OMV into the new company
  • New company to be headquartered and domiciled in Vienna, Austria, with regional headquarters in Abu Dhabi
  • Borouge Group International to be listed on ADX with an intended dual listing on ATX thereafter
  • New company to acquire Nova Chemicals for an enterprise value of USD 13.4 bn
  • Creates major organic growth platform with strong pipeline and access to the largest, most attractive markets
  • Supports OMV’s attractive shareholder distributions and reinforces its strong dividends within the oil, gas and chemicals sectors
  • Creates significant value, free cash flow and clean CCS EPS accretive for OMV
  • Unlocks substantial run-rate EBITDA synergy potential of approximately USD 500 million p.a., realizing 75% during the first three years after closing
  • Once fully operational, Borouge 4 is envisaged to be recontributed by the end of 2026 to Borouge Group International from OMV and ADNOC at cost, estimated at USD 7.5 billion
  • Borouge Group International’s minimum total annual floor dividend of USD 2.2 bn, incl. annual floor dividend of around USD 1 billion to OMV
  • Borouge/Borealis combination and acquisition of Nova Chemicals to close simultaneously, with expected completion in Q1 2026 subject to regulatory approvals and other customary conditions


For more information please refer to: https://www.omv.com/en/investors/borouge-group-international



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About Borealis
Borealis is one of the world’s leading providers of advanced and sustainable polyolefin solutions. In Europe, Borealis is also an innovative leader in polyolefins recycling and a major producer of base chemicals. We leverage our polymer expertise and decades of experience to offer value-adding, innovative and circular material solutions for key industries such as consumer products, energy, healthcare, infrastructure and mobility.
With customers in over 120 countries and head office in Vienna, Austria, Borealis employs around 6,000 people. In 2023, we generated a net profit of EUR 216 million. OMV, the integrated energy, fuels & feedstock and chemicals company headquartered in Vienna, Austria, owns 75% of our shares. The Abu Dhabi National Oil Company (ADNOC), based in the United Arab Emirates (UAE), owns the remaining 25%.
In re-inventing essentials for sustainable living, we build on our commitment to safety, our people, innovation and technology, and performance excellence. We are accelerating the transformation to a circular economy of polyolefins and expanding our geographical footprint to better serve our customers around the globe. Our operations are augmented by two important joint ventures: Borouge (with ADNOC, headquartered in the UAE); and Baystar™ (with TotalEnergies, based in the US).
www.borealisgroup.com | www.borealiseverminds.com

OMV Aktiengesellschaft
It is our purpose to re-invent essentials for sustainable living. OMV is transitioning to become an integrated sustainable chemicals, fuels and energy company with a focus on circular economy solutions. By gradually switching over to the low carbon business, OMV is striving to achieve net zero by 2050 at the latest. In 2024, the company generated revenues of 34 billion euros with a diverse and talented workforce of around 23,600 employees worldwide. OMV shares are traded on the Vienna Stock Exchange (OMV) and in the US as American Depository Receipts (OMVKY). For more information, please visit www.omv.com.

About ADNOC
ADNOC is a leading diversified energy and petrochemicals group wholly owned by the Emirate of Abu Dhabi. ADNOC’s objective is to maximize the value of the Emirate’s vast hydrocarbon reserves through responsible and sustainable exploration and production to support the United Arab Emirates’ economic growth and diversification. To find out more, visit: www.adnoc.ae