Adnoc and OMV to Delay Listing of Petrochemicals Giant in Abu Dhabi
By Aimee Look
Abu Dhabi's Adnoc and Austria's OMV said they agreed to delay the listing of a co-owned petrochemicals venture until at least until next year, as the war in the Middle East fuels market volatility.
Abu Dhabi's state-owned oil company and the Austrian energy company said Thursday the formation of Borouge Group International is progressing according to plan and due to be completed by the end of the month. Borouge Group International is the product of the combination of the companies' petrochemicals businesses--Adnoc's Borouge and OMV's Borealis--plus the subsequent acquisition of Nova Chemicals.
The two companies last year agreed to create the business, forming a petrochemical giant with a combined value of around $60 billion in an all-share deal.
Adnoc and OMV said they agreed to carry out a tender offer to convert shares of Borouge PLC into Borouge Group International stock in 2027, subject to market conditions. Borouge Group will be privately held until then, they added.
OMV said that the companies agreed to strengthen Borouge Group's balance sheet given the current market environment, reducing dividend payments for 2026. OMV said it expects the impact on its own dividend to range from 60 European cents to 70 European cents (69 cents-80 cents) a share.
Write to Aimee Look at aimee.look@wsj.com
(END) Dow Jones Newswires
March 19, 2026 12:26 ET (16:26 GMT)
Copyright (c) 2026 Dow Jones & Company, Inc.The articles, information, and content displayed on this webpage may include materials prepared and provided by third parties. Such third-party content is offered for informational purposes only and is not endorsed, reviewed, or verified by Morningstar.
Morningstar makes no representations or warranties regarding the accuracy, completeness, timeliness, or reliability of any third-party content displayed on this site. The views and opinions expressed in third-party content are those of the respective authors and do not necessarily reflect the views of Morningstar, its affiliates, or employees.
Morningstar is not responsible for any errors, omissions, or delays in this content, nor for any actions taken in reliance thereon. Users are advised to exercise their own judgment and seek independent financial advice before making any decisions based on such content. The third-party providers of this content are not affiliated with Morningstar, and their inclusion on this site does not imply any form of partnership, agency, or endorsement.
Popular
4 Stocks to Buy Before They Rise Further
2 Undervalued Stocks to Buy Before They Rebound
The 10 Best Dividend Stocks
12 Best Blue-Chip Stocks to Buy for the Long Term
United States