Austria’s OMV in talks over chemicals deal with Abu Dhabi National Oil Company

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Austrian energy group OMV is in talks with Abu Dhabi National Oil Company over a deal that could combine its chemicals arm Borealis with Borouge, the chemicals company majority-owned by the UAE’s Adnoc.

Borealis holds a 36 per cent stake in Borouge. Under the partnership, Borealis and Borouge would be “equal partners under a jointly controlled, listed platform for potential growth acquisitions”, according to a statement on Friday.

That deal would mark the latest step under an ambitious plan by Adnoc to diversify its revenues. German chemical company Covestro recently rebuffed a €13bn approach from Adnoc.