Adnoc-Borealis Plastics Joint Venture Seek $2 Billion from IPO: Report

Published April 24th, 2022 - 11:45 GMT
Adnoc-Borealis Plastics Joint Venture Seek $2 Billion from IPO: Report
Bourage was founded in the late 1990s. (Shutterstock)

UAE's Abu Dhabi National Oil Co. (Adnoc) and Austria’s chemical producer Borealis AG are aiming to raise about $2 billion from an initial public offering (IPO) of their plastics joint venture, Bloomberg reported citing anonymous resources.

adnoc
Source: Twitter

The state-owned energy company and Borealis plan to to float 10% of their plastics joint venture, Borouge, by the end of this quarter. 

According to the sources, the initial share sale could value Borouge at $20 billion.

Although Adnoc declined to comment to Bloomberg on the news, a spokesperson from Borealis said the companies are weighing options for Borouge, including an IPO.

Bourage was founded in the late 1990s and manufactures plastics used in various sectors. Over 3,000 employees work at the company where the serve customers across the Middle East, Africa and Asia.

It's worth noting that Borealis is owned by Austrian refiner OMV AG and Abu Dhabi’s Mubadala Investment Co. 


© 2000 - 2022 Al Bawaba (www.albawaba.com)

You may also like