ADNOC plans IPO minority stake in polyolefins maker Borouge

/ Financial News / Wednesday, 16 February 2022 08:39

Abu Dhabi National Oil Company (ADNOC) and Borealis AG (Borealis) are considering a potential initial public offering (IPO) of a minority stake in their joint venture business Borouge,  according to the state news agency report.

Abu Dhabi-based polyolefins maker Borouge consists of Borouge ADP, the production company, and Borouge Pte, which handles sales and marketing. ADNOC holds 60% stake in Borouge ADP, with Borealis holding 40%. 

Both companies have a 50% shareholding in Borouge Pte.

ADNOC and Borealis will provide further material updates as and when appropriate.

The most common forms of polyolefins are polypropylene and polyethylene. Polypropylene is used in in everything from drinking straws and food containers and reusable water bottles, to thermal underwear, roofing materials, marine ropes and carpet, etc.

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