“ADNOC” establishes “Borouj International” for chemicals at 220 billion dirhams

The Abu Dhabi National Oil Company (ADNOC) and the company «OV -Actinjislog) (OM)) announced that they will merge their share in the Buruj (Buruj) and Burialis AG (Burialis) companies to establish the“ Bruges International Group ”, which will then acquire the“ Nova Chemical Company ”, which is based in North America for 49.2 billion dirhams.

With the addition of the “Borouge 4” expansion project to it, the value of the “Bruges International Group” will exceed 220 billion dirhams, and it becomes the fourth largest producer of “polycarine” in the world.

The Bruges International Group will be subject to joint management and ownership by ADNOC and OMV, and will have a headquarters in Vienna and Abu Dhabi.

Within this deal, OMV will pump 6.1 billion dirhams in cash in the new entity to equate its share with the “ADNOC” share in the group that will be distinguished by expected profit margins that will be among the best in its class, with the possibility to achieve an expected value of business integration of up to 1.8 billion dirhams annually, and will achieve growth in profits for the current “BREPLC” shareholders who will own Shares in the new company (Bruges International Group), which will be included in the “Abu Dhabi Stock Exchange”.

“In line with the leadership vision of building and promoting specific international partnerships, we are working on implementing strategic projects and investments that contribute to supporting sustainable economic growth in the UAE and consolidating the world’s leading position in the state in various sectors,” said the Minister of Industry and Advanced Technology.

He added, “These qualitative deals are an important step to implement (ADNOC) strategy for international expansion in the field of chemicals in conjunction with the promotion of the company’s international operations.”

Al -Jaber continued: «Based on our 25 -year strategic partnership with (OMV), we are working to establish a new leading company in the petrochemical sector that is characterized by a port of high -quality products and advanced technology that allows them to reach the most important global markets.

The Bruges International Group will benefit from the integration of the advantages and strengths of the three companies «Buruj),“ Burialis ”and“ Nova ”, the leader in the field of« Ullevinate », including competitive raw materials, direct access to growth markets, while benefiting from global level technology, and leadership in manufacturing recyclable products.