Borouge Group International: OMV and Adnoc Advance Formation Plans, Appoint Management and Supervisory Board

OMV and Adnoc have announced further progress in the establishment of Borouge Group International AG. A key development is an agreement that will allow Borouge Plc, and subsequently the new company, to market output from the new Borouge 4 production complex. The arrangement is expected to generate cumulative net profit of USD 400 million over the next three years and, following ramp-up, to deliver annual earnings growth of around 10 percent.

The planned merger of Borouge Plc and Borealis, as well as the acquisition of Nova Chemicals, remains on track for completion by the end of March. Borouge Group International AG is also expected to secure investment-grade ratings from S&P, Moody’s and Fitch.

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At the same time, the timetable for the planned share exchange offer has been pushed back to 2027 and aligned with a future capital increase. For the 2026 financial year, the dividend framework will be adjusted on a temporary basis, with the second tranche amounting to only 50 percent of the originally expected payout. Once the transactions have been completed, OMV and XRG, Adnoc’s chemicals investment company, are each expected to hold a 50 percent stake in Borouge Group International AG.

Management and Supervisory Board Appointed
OMV and Adnoc have also named the management and supervisory board of Borouge Group International AG. The company is being formed through the combination of Borouge Plc and Borealis, alongside the planned acquisition of Nova Chemicals. Closing of the transactions is expected by the end of March 2026.

The management board will comprise Roger Kearns as Chief Executive Officer, Dr Stefan Doboczky as Chief Commercial Officer and Dr Hasan Karam as Chief Operating Officer. The Chief Financial Officer position is expected to be filled permanently by May 2026; until then, Daniel Turnheim will serve as interim CFO.

Dr Sultan Ahmed Al Jaber will chair the supervisory board. Further members have been nominated by OMV and Adnoc.

The new leadership structure brings together management expertise from Borouge Plc, Borealis and Nova Chemicals. Until the planned share exchange offer is completed, Borouge Plc will remain listed on the Abu Dhabi Securities Exchange, while its existing management structure will continue during the transition period.

More information: www.adnoc.ae, www.omv.com

Borouge Group International AG, Vienna, Austria

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