Austria's OMV and the Emirate's Abu Dhabi National Oil Company (ADNOC) will merge their plastics businesses into Borouge Group International.

The creation of Borouge Group International will create the world's fourth largest polyolefin company with a value of $60 billion. Borouge Group will combine 3 companies, namely Austrian polyolefin producer Borealis, which is owned 75% by OMV and 25% by ADNOC, Emirati Bourouge, owned by Borealis and ADNOC, and Canada's Nova Chemicals, which will be bought by ADNOC for $13.4 billion. OMV will inject €1.6 billion to offset the stakes.

Borouge Group International will be equally controlled by ADNOC and OMV with a 46.94% stake. The remaining 6% of the shares will be traded on the Abu Dhabi Stock Exchange. The companies expect the synergies of the companies to yield a profit of $500 million, with $400 million to be realized over the next 3 years. The deal is subject to regulatory approval and the entire transaction is expected to be completed in Q1 2026.