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In a big news story for the global petrochemicals market, Reuters reported that Austria’s OMV and the United Arab Emirates’ ADNOC have reached final terms for the $20 billion deal to combine forces in a merger of petrochemical assets, including each companies’ stakes in Borealis and Borouge.
According to statements given to Reuters, the OMV-ADNOC merger deal seeks to make “equal partners under a jointly controlled, listed platform for potential growth acquisitions to create a global polyolefin company”.
Both OMV and ADNOC are major players in the European and Asian energy markets. It’s no surprise that the two companies seek to enhance their market share over two of the world’s highest growth areas for energy consumption.
In November of last year, OMV made an announcement the company would join with Vienna Energy to explore geothermal energy developments for the European energy transition strategy.
It will interesting to see how this OMV’s push into renewable energies and petrochemicals plays out in the long-term scenarios over Europe’s energy transition strategy, as well as the Net Zero pledge by many countries to cut down to zero-emissions by 2050 in a scenario called Net-Zero Emissions (NZE) 2050.
It’s a big week for the global petrochemicals market. In what has been a big developing story for the market, Saudi Arabia’s leading petrochemicals producer SABIC (70% owned by Saudi Aramco) announced the final investment decision (FID) for a new petrochemicals complex located in Fujian, China. According to the final terms of the deal provided by S&P Global Commodity Insights the FID for the…
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