ADNOC weighs deal to buy Nova Chemicals from Abu Dhabi entity

Dubai: ADNOC is looking at the possible buying of Nova Chemicals Corporation from fellow Abu Dhabi entity, Mubadala Investment Company.

The confirmation of such a plan comes even as the UAE energy giant moves forward to seal the deal on a 'potential creation of a new global polyoelfins group'.

This will be done through an alliance with OMV, its JV partner in ADX-listed Borouge.

The new polyolefins group would be created through the 'proposed combination of their existing shareholdings in Borouge and Borealis'

The negotiations are 'ongoing in a constructive and positive manner'.

If the deals go through, it would set ADNOC up to wield its clout on the global stage in a category that is seen as having significant growth potential.