Sultan Al Jaber advances strategic energy partnership with Austria
- 4 hours ago
Dr Sultan Ahmed Al Jaber, Minister of Industry and Advanced Technology and Adnoc Managing Director and Group CEO, visited the headquarters of OMV in Vienna, Austria, to advance the strategic partnership between both companies.
The visit builds on ongoing progress toward establishing Borouge Group International, following the landmark agreement between Adnoc and OMV in March 2025 to combine Borouge and Borealis to create Borouge Group International, with the new entity to acquire Nova Chemicals, establishing the world’s fourth-largest polyolefins player.
The transformative transactions marked a pivotal milestone in Adnoc’s global chemicals strategy as it delivers on its international growth mandate and expands its global petrochemicals business.
During the visit, Dr Al Jaber met with Dr Alfred Stern, CEO of OMV and was given a tour of OMV’s cutting-edge facilities and presentations on how the company is applying innovation and advanced technologies, to drive value and sustainability.
Dr Al Jaber said, “Our longstanding partnership with OMV continues to create new growth opportunities as we advance the formation of Borouge Group International. By building on our shared commitment to innovation, sustainability and industrial excellence, we are unlocking greater value for our stakeholders. This visit reaffirms the strong cultural alignment between our organisations, as we foster a ‘one culture’ approach focused on collaboration and long-term growth.”
Dr Al Jaber emphasised Borouge’s outstanding performance, highlighting the company’s continued growth and resilience. As a major player in the petrochemical sector, Borouge has significantly enhanced its production capacity and diversified its portfolio to meet growing global demand for essential chemicals. The company’s achievements, particularly in the Middle East and Asia, reflect its operational strength and strategic vision.
Dr Alfred Stern, Chairman of the Executive Board and Chief Executive Officer of OMV, said, “Today’s engagement with Dr Sultan Al Jaber reflects the strong momentum behind our 25-year strategic partnership. The creation of Borouge Group International represents an unprecedented landmark achievement in our journey to transform OMV into an integrated sustainable chemicals, fuels and energy company. Together with Adnoc and Dr Sultan Al Jaber’s strong leadership, we are building a leading global polyolefins champion, positioning us to capture growth opportunities and deliver long-term value.”
The proposed establishment of Borouge Group International marks a pivotal milestone in Adnoc’s strategy to becoming a top five global chemicals player. The new entity will significantly enhance Borouge’s ability to expand its market footprint, particularly in Europe and North America, while strengthening Adnoc’s commitment to sustainability and innovation. The partnership with OMV is expected to benefit both companies and contribute to the broader energy sector in the UAE and Austria.
The establishment of Borouge Group International is expected to unlock significant value for shareholders through the realization of operational and commercial synergies, improved global market access, accelerated rollout of new innovations, and sharing and scaling of advanced technologies.