Abu Dhabi National Oil Company (Adnoc) has confirmed that negotiations with OMV about the potential creation of a new global polyolefins group, through the proposed combination of their existing shareholdings in Borouge and Borealis are ongoing in a constructive and positive manner, while contemplating the acquisition of Nova Chemicals Corporation (Nova) from Mubadala Investment Company (Mubadala) and contribution to the combined entity.

 

The transactions are subject to respective agreements, regulatory approvals and customary conditions.  

 

Adnoc will update the market as and when appropriate, it stated. -TradeArabia News Service