ADNOC and OMV Merge Petrochemical Assets
ADNOC and Austrian-based OMV have agreed to merge their petrochemical assets in a landmark deal that formed Borouge Group International. The merger, valued at $60 billion, creates the fourth-largest polyolefins producer in the world. This consolidation strengthens ADNOC’s position in the global petrochemical market and reflects its strategy to further integrate its downstream business. The new entity will be responsible for producing a variety of petrochemical products, including polyethylene and polypropylene, serving industries ranging from packaging to automotive manufacturing.
Source: Financial Times
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