Recent developments
Earnings and margins
OMV reported EUR 4.6 billion clean CCS operating result for 2025, with chemicals supported by Borealis and stronger olefin margins. OMV Petrom’s Clean CCS Operating Result fell 10% to 5.2 billion lei as runs tightened. Dow reported a 9% Q4 net sales decline amid lower polymers and reduced EMEAI olefins after an idled cracker.
Polyolefins expansion
Borouge reported $1.1 billion net profit on record output and premia; Borouge 3’s turnaround finished early, and Borouge 4 will add 1.4 million tpa with XLPE 2 commissioning beginning Q1 2026. The planned Borouge Group International with Borealis and NOVA targets scale benefits.
Utilities and capacity
ADNOC and TAQA signed a 27‑year utilities agreement for TA’ZIZ Ruwais chemicals, targeting 4.7 million tpa by 2028 across methanol, low‑carbon ammonia, PVC, EDC/VCM, and caustic soda. Dangote Petroleum Refinery signaled capacity to supply PMS, diesel, and jet fuel above Nigeria’s demand, boosting supply resilience.
Upstream developments
TotalEnergies and Kuwait Oil Company signed a cooperation MoU on technical studies and opportunities in Kuwait. MOL Group and Libya’s National Oil Corporation agreed on exploration, technology, and crude trading. Galp and TotalEnergies reaffirmed Namibia plans, targeting Venus FID by 2026 and a Mopane appraisal campaign.
Equipment and execution
Dangote Industries and XCMG formed a strategic cooperation agreement covering mining, petrochemicals, and new‑energy equipment for African projects, supporting downstream build‑outs and lower operating costs.