- OMV and XRG complete transactions to form Borouge International (Borouge Group International AG) as a 50/50 pure‑play polyolefins company.
- Combined production capacity of 13.6 Mtpa, including the 1.4 Mtpa Borouge 4 expansion (70% ADNOC, 30% OMV).
- Identified EBITDA synergies exceed USD 500 million per year, with ~75% expected to be realized within three years.
- Headquartered and tax‑domiciled in Austria with regional HQ in the UAE; ratings A (S&P, Negative) / Baa1 (Moody’s, Stable) / A‑ (Fitch, Stable); planned tender offer expected in 2027 subject to UAE CMA approval.
Transaction summary
OMV and XRG completed transactions forming Borouge International (Borouge Group International AG) by combining Borouge Plc and Borealis and acquiring NOVA Chemicals to create a pure‑play polyolefins company.
Scale and assets
The combined platform has 13.6 million tonnes per annum production capacity, including the 1.4 Mtpa Borouge 4 expansion (70% ADNOC, 30% OMV); it will operate global manufacturing sites, corporate hubs in North America, Europe and Asia, and innovation centers in Austria, UAE, Canada, Finland, Sweden and China; headquarters and tax domicile are in Austria with a regional HQ in the UAE.
Financial profile and timeline
Identified EBITDA run‑rate synergies exceed USD 500 million per year with roughly 75% expected within three years; Borouge International received A (S&P, Negative), Baa1 (Moody’s, Stable) and A‑ (Fitch, Stable) ratings; a planned tender offer to convert Borouge Plc shares to Borouge Group International AG shares is expected in 2027, subject to market conditions and UAE CMA approval, and until then Borouge Group International AG will remain privately held while Borouge Plc stays listed on ADX.
Ownership and leadership
The company is jointly controlled 50/50 by OMV and XRG (an ADNOC subsidiary); the executive team includes CEO Roger Kearns, CCO Dr. Stefan Doboczky, COO Dr. Hasan Karam and interim CFO Daniel Turnheim.
