OMV and Adnoc want to take over Nova Chemicals

The domestic oil and gas group OMV and its major shareholder ADNOC from Abu Dhabi think about the purchase of the Canadian company Nova Chemicals after. After an acquisition, the company could be merged part of a possible polyolefin cooperation and, in the course of this, the OMV announced on Friday evening. With that could “Global polyolefin group The OMV is created with a significant presence in key markets.

Abu-Dhabi State Fund has a word to have a say

According to the OMV, the consideration is subject to corresponding agreements with Bravethe state fund from Abu Dhabi, and are still dependent on Permits On the part of the authorities and the management bodies of the companies involved.

More cooperation planned for polyolefins

OMV and ADNOC have been working on far-reaching cooperation in polyolefin business for a long time. In July of the previous year, a consortium from ADNOC, whose plastic joint venture Borouge and the OMV chemical daughter Borealis, signed a project cooperation agreement with the Chinese chemical company Wanhua Chemical Group and his subsidiary Wanrong New Materials (Fujian) to develop a new one Polyolefin complex in China. A joint venture will be sought in the future.