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ADNOC, Borealis to offer 10% stake in Borouge

ADNOC, Borealis to offer 10% stake in Borouge

Abu Dhabi National Oil Company (ADNOC) and Austrian chemicals producer Borealis have announced plans to offer a 10% stake in their petrochemical joint-venture Borouge on the Abu Dhabi Securities Exchange (ADX), Al Arabiya News reported on May 18th.

The initial public offering (IPO) is set to be launched on May 23rd, contingent on regulatory approvals and other considerations.

“Following the highly successful listings of ADNOC Distribution, ADNOC Drilling, and Fertiglobe, ADNOC is bringing to the market a UAE-based, globally competitive market leader. This world-class business provides cutting-edge manufacturing, consumer and infrastructure solutions and offers innovative technologies,” ADNOC’s Managing Director and Group CEO Sultan Al Jaber said.

Founded in 1998, Borouge is a global provider of polyolefin solutions for the agriculture, infrastructure, energy, packaging, mobility, and healthcare industries.

Borouge employs over 3,100 people and serves customers in over 50 countries across Asia, the Middle East, and Africa.

 

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