MRC -- OMV is actively in negotiations with the state-owned Abu Dhabi National Oil Company about a possible merger of their chemicals business, the Austrian firm's chief executive said on Tuesday, after third-quarter results were released.
The company would be listed on the stock exchange, added Chief Executive Alfred Stern.
The deal, if realized, would include a merger of petrochemicals group Borealis - which is owned by OMV and ADNOC in a 75:25 split - and Borouge, which is 54:36 owned by ADNOC and Borealis.
Stern added that he expected a difficult fourth quarter and possibly a difficult first quarter of 2024 for the chemicals business.
We remind, OMV’s polyethylene (PE) indicator margin for Europe stood at €308/tonne in Q3 2023 versus €312/tonne in Q3 2022 and €320/tonne in Q2 2023, said the Austrian oil, gas and petrochemical group. For the polypropylene (PP) indicator margin for Europe, the figures were €330/tonne, €357/tonne and €372/tonne, respectively.
For the propylene indicator margin for Europe, the figures were €330/tonne, €574/tonne and €459/tonne, respectively. For the ethylene indicator margin for Europe, the figures were €455/tonne, €614/tonne and €567/tonne, respectively.