ADNOC and Borealis intend to offer a stake in Borouge to the public

The UAE's ADNOC and Austria's Borealis intend to go public with a minority stake in their joint venture, Borouge.

According to Arabiya Net, informed sources told Bloomberg Agency that ADNOC and Borealis have appointed Citigroup, HSBC, and First Abu Dhabi along with other banks. It will be appointed later to arrange the listing process, which is expected to be completed in the middle of this year.

Borouge is a $20 billion joint venture between ADNOC and Borealis to manufacture plastics used in food packaging, pharmaceutical vials and piping systems.

Last November, the Abu Dhabi Media Office reported that ADNOC had signed a $6.2 billion (Dh22 billion) strategic partnership with Austrian plastics group Borealis.

The office added in its Twitter account that the partnership aims to expand the Borouge complex in Ruwais, to become the largest polyolefins production complex in one location in the world.

He stated that after the completion of the construction works of Borouge 4, the complex in Ruwais would be ready to provide raw materials for the promotion zone for the chemical industries.