ADNOC and Borealis consider IPO for plastics joint venture

Abu Dhabi National Oil Company (ADNOC) and Austria’s Borealis AG are considering a potential initial public offering (IPO) of their joint venture plastics business Borouge.

“ADNOC and Borealis will provide further material updates as and when appropriate,” ADNOC said in a statement. The share sale would be for a minority stake, it said without disclosing further details.

Last year ADNOC listed its drilling business in Abu Dhabi’s largest IPO yet. Fertiglobe, a joint venture between ADNOC and chemical producer OCI, also had a market debut last year and ADNOC floated shares in its distribution business in 2017. Writing by Yousef Saba Editing by David Goodman

This article was originally published by Reuters.