"ADNOC" A global chemical company is established with a value of more than 220 billion dirhams under the name "Bruges International Group"

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Abu Dhabi, March 3 / WAM / The Abu Dhabi National Oil Company (ADNOC) and the company “OM in Actinjislog” (“OMV”) announced that they will merge their share in the two companies “Buruj BLC”) and “Borealis AG” (“Borealis”) to establish the “Bruges International Group”, which will then acquire the “Nova Chemical Company” that is located Its headquarters in North America for 49.2 billion dirhams ($ 13.4 billion).

With the addition of the “Bruges 4” expansion project to it, the value of the “Bruges International Group” will exceed 220 billion dirhams and become the fourth largest producer of polycarine in the world. The Bruges International Group will be subject to a joint management and ownership of both ADNOC and OMV, and will have a headquarters in Vienna and Abu Dhabi.

Within this deal, “OMV” will pump 6.1 billion dirhams (1.6 billion euros) in cash in the new entity to equate its share with the “ADNOC” share in the group that will be characterized by expected profit margins that will be among the best in its class, with the possibility to achieve an expected value of business integration of up to 1.8 billion dirhams annually, and will achieve growth in profits for the “Bruges BLC” shareholders. The current, who will own shares in the new company (Bruges International Group), which will be included in the “Abu Dhabi Stock Exchange”.

On this occasion, His Excellency Dr. Sultan Ahmed Al -Jaber, Minister of Industry and Advanced Technology, Managing Director and CEO of Adenk and its group of companies said: “In line with the leadership’s vision of building and strengthening specific international partnerships, we are working to implement strategic projects and investments that contribute to supporting sustainable economic growth in the UAE and establishing the global standard of the state in various sectors. These qualitative deals constitute an important step to implement a strategy ADNOC for international expansion in the field of chemicals in conjunction with the growth of the company’s operations internationally.

By combining the unique advantages of the Buruj and Borialis companies and the acquisition of the company ‘Nova’, we are all confident that this forward -looking step will contribute to the consolidation of Abu Dhabi’s leading position in the field of chemicals, and achieving the goal of ADNOC to keep pace with its work for the future, support its efforts to meet the growing global demand for chemicals and related products, continuing to create and enhance value and increase growth opportunities For shareholders. ”

The Bruges International Group will benefit from the integration of the benefits and strengths of the three companies “Buruj”, “Burialis” and “Nova”, the pioneer in the field of poly Olevetins, including competitive raw materials, direct access to growth markets, while benefiting from global level technology, and leadership in the manufacture of recyclable products. The new company will also benefit from the integration of production lines, from the innovative agricultural products of “Bruges” to the materials used in the textile industry from “Burales” to the sustainable packaging solutions provided by “Nova”.

The expansion project “Bruges 4” is expected to be transferred to the new group in 2026, with a value of about 27.5 billion dirhams, becoming the “Bruges International Group”, the fourth largest producer of polycarine globally according to the nominal production capacity with a capacity of 13.6 million tons annually through the regions of Europe, the Middle East and North America. This agreement contributes to the continuation and promotion of close cooperation and strategic partnership between “ADNOC” and “OMV”.

Upon the completion of the establishment of the “Bruges International Group”, the “ADNOC” share will be transferred to “XRG”, the internationally specialized investment company in the energy sector launched by “ADNOC” in 2024, with a value of more than 290 billion dirhams (80 billion dollars). XRG is the latest addition to ADNOC strategy to accelerate international growth, create and enhance value, and will focus on investing in an integrated manner in multiple areas in the energy sector, including gas, chemicals, low carbon fuel, and the energy system infrastructure.

It is noteworthy that poly -olefins are strong and lightweight materials that are widely used in the manufacture of many products that we use in our daily lives, including packaging materials, home appliances, medical equipment, textiles, and many others.