Abu Dhabi National Oil Company (ADNOC) confirmed the company’s negotiations with Austria’s OMV to set up a new global polyolefins group.
In a statement issued on Saturday, ADNOC said negotiations to merge their Borouge and Borealis companies were going in a “constructive and positive manner”, Reuters reported.
The proposed merger would create a global polyolefin group, which would combine Canada’s Nova Chemicals, Borealis and Borouge.
The transactions are subject to respective agreements, regulatory approvals and customary conditions, the company statement added.