Abu Dhabi – Mubasher: Abu Dhabi National Oil Company (ADNOC) has confirmed negotiations with OMV AG about setting up a new global polyolefins group, according to a bourse filing.
ADNCO proposed acquiring Nova Chemicals Corporation from Mubadala Investment Company after integrating existing shareholdings in Borouge and Borealis AG.
The transactions are subject to respective agreements, regulatory approvals, and customary conditions.
In the nine months (9M) of 2024, the net profits of Borouge hit $908 million, versus $713 million in 9M-23.
