• ADNOC and Austria’s OMV will merge their stakes in Borouge plc and Borealis AG to create Borouge Group International, which will acquire NOVA Chemicals for AED49.2B ($13.4B). With Borouge 4, the new entity will be valued at AED220B+ ($60B+), making it the world’s fourth-largest polyolefins producer. Headquartered in Vienna and Abu Dhabi, Borouge Group International will be jointly owned by ADNOC and OMV, with OMV injecting €1.6B (AED6.1B) to balance its share. The company aims for AED1.8B in annual synergies and will drive dividend growthfor Borouge plc shareholders, who will own a stake in the newly ADX-listed company.

• ADNOC CEO Dr. Sultan Al Jaber called the deal a "transformative milestone" in ADNOC’s chemicals strategy, expanding its global presence and reinforcing Abu Dhabi’s leadership in the sector. The agreement strengthens ADNOC and OMV’s 25-year partnership, positioning the new entity for long-term growth. Upon completion, ADNOC’s stake will transfer to XRG, its $80B international energy investment arm launched in 2024, which focuses on gas, chemicals, low-carbon fuels, and energy infrastructure.