“Borouge Group International will unite the complementary strengths of three polyolefin leaders, leveraging competitive feedstock, premium-quality product offerings, direct access to high-growth markets, cutting-edge technologies, and strong circularity credentials,” the companies said in a joint statement.
A Strategic Shift for Abu Dhabi’s Oil Empire
Adnoc’s CEO, Sultan Ahmed Al Jaber, hailed the deal as a transformative step that “solidifies Abu Dhabi’s status as a leader in the chemicals sector.” The Gulf region has been increasingly pivoting toward petrochemicals and downstream industries as part of its broader economic diversification strategy.
This isn’t Adnoc’s first major push beyond traditional oil assets. In October, the company inked a $16 billion deal to acquire German chemicals group Covestro AG, signaling its intent to dominate the global chemicals industry.
Closing the Deal
The transactions are expected to close by March 2026, pending regulatory approvals. However, the companies did not disclose which authorities must greenlight the deal. Legal counsel details for the merger were also not immediately available.
