OMV and XRG completed transactions on March 31, 2026, to form Borouge International. The equal partnership combines Borouge, Borealis and NOVA Chemicals into the fourth-largest global polyolefins player with a value of over $60 billion, according to the companies.
In a joint statement OMV Aktiengesellschaft and XRG, ADNOC’s international investment arm, said the completion marks a key milestone in their long-standing partnership as equal shareholders. Borouge Group International AG will operate under the Borouge International brand and is jointly controlled with each party holding a 50 percent stake. The company is headquartered in Vienna with regional headquarters in Abu Dhabi.
The transactions include the acquisition of NOVA Chemicals for $13.4 billion including debt from Mubadala Investment Company. NOVA Chemicals brings 2.6 million metric tons of polyethylene capacity and 4.2 million metric tons of ethylene capacity in North America. The framework agreement signed in March 2025 between ADNOC and OMV set out the combination of Borouge and Borealis with the Nova purchase to follow.
Company information released with the announcement places Borouge International’s total annual polymer production capacity at 13.6 million tonnes. Borouge had reported record production of 5.2 million tonnes in 2023 prior to the merger. The platform integrates production sites across Europe, the Middle East and North America.
The structure transfers ADNOC’s stake in the new entity to XRG in line with ADNOC’s stated goal to become a top five global chemicals player by 2030. OMV contributes Borealis’s established operations and expertise in Europe. Borouge had listed on the Abu Dhabi Securities Exchange in 2022 as part of its prior expansion phase.
Regulatory approvals were obtained during the first quarter of 2026 enabling closure of the multi-jurisdictional deal. The partners described the combined platform as one of the most geographically diversified in the polyolefins sector. Details on the recontribution of the Borouge 4 project were included in the original transaction framework.
