Borouge Plc has entered a binding framework agreement with ADNOC and OMV to combine with Borealis and acquire Nova Chemicals for $13.4 billion, aiming to create the fourth-largest global polyolefins company.

Target Information

Borouge Plc is a leading petrochemical company specializing in innovative and differentiated polyolefin solutions, serving various industries such as infrastructure, energy, mobility, healthcare, agriculture, and advanced packaging. With a workforce of over 3,100 employees, Borouge operates in more than 86 countries across Asia, the Middle East, and Africa. The company, established in 1998 as a strategic partnership between the Abu Dhabi National Oil Company (ADNOC) and Borealis, has cemented its position as one of the world's largest integrated polyolefin complexes located in Al Ruwais Industrial City, UAE.

Under the terms of a recently announced binding framework agreement, Borouge Group International will be formed through the proposed combination of Borouge and Borealis AG, alongside the acquisition of Nova Chemicals for approximately US$13.4 billion. This transaction aims to elevate the global standing of the new entity to become the fourth-largest polyolefins company worldwide by nameplate production capacity.

Industry Overview

The petrochemical industry in the UAE is characterized by its robust growth and strategic importance to the country’s economy. The UAE is one of the largest industrial hubs in the Middle East, with petrochemicals playing a vital role in diverse sect