Adnoc and OMV announce deal to combine their petrochemical assets

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Financial Times 12h ago

Adnoc and OMV announce deal to combine their petrochemical assets - Financial Times

Quick Summary:

OMV had announced a framework for a deal with Adnoc in July 2023 under which the two companies would combine their chemical divisions.

OMV chief executive Alfred Stern said on Monday the deal would “support OMV’s transformation into an integrated sustainable chemicals, fuels, and energy company”.

The Abu Dhabi side will also inject Nova Chemicals, a leading North American maker of polyethylene, often used in packaging, films and bottles, into the new company.