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Abu Dhabi National Oil Company (ADNOC) and the Austrian refiner OMV have entered negotiations that could see them merging two firms that are already closely related: the European polyolefins maker Borealis and the polyolefins producer Borouge, which is based in Abu Dhabi. Borealis is 75% owned by OMV and 25% by ADNOC. It had sales of $9.8 billion in 2022. Borouge, meanwhile, is 54% owned by ADNOC and 36% by Borealis; it had sales of $6.7 billion last year. OMV says a merger would combine Borealis’s technology position with Borouge’s access to raw materials. It could make the combined firm a global petrochemical player and set the stage for future acquisitions. So far this year, ADNOC has participated in a bid to acquire a controlling interest in Brazil’s Braskem and reportedly made a play for the German chemical maker Covestro.
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