CORRECTED-UPDATE 1-OMV to strengthen its sway in the Middle East by raising Borealis stake [Reuters (UK)]
OMV AG BEARER SHS S/ADR (OMVKY)
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Source: Reuters
CORRECTED-UPDATE 1-OMV to strengthen its sway in the Middle East by raising Borealis stake - Reuters 2 Min Read (Corrects paragraph 2 to remove reference to plant being offshore) VIENNA, March 11 (Reuters) - Austrian oil group OMV has agreed terms for the $4.7 billion acquisition of an additional 39% stake in plastics maker Borealis from Abu Dhabi state investor Mubadala, it said on Wednesday. The deal, which is subject to corporate and other approvals, would be a major step forward in OMV’s strategy of expanding its petrochemical business in the Middle East, as the Borealis majority would give it more say in a key project on the Abu Dhabi coast. Borealis is the part-operator, via its Borouge joint venture with the Abu Dhabi National Oil (ADNOC), of the Ruwais refinery 240 km (150 miles) west of Abu Dhabi, which ADNOC plans to develop into the world’s largest integrated refinery and petrochemicals plant. The expansion is part of a plan by the United Arab Emirates to establish itself a
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