Abu Dhabi: Borealis, an Austrian energy company, announced on Thursday the appointment of Suhail Al Mazrouei, Minister of energy and managing director of the International Petroleum Investment Company (IPIC), as chairman of the Supervisory Board.

Al Mazrouei replaces Khadem Al Qubaisi who recently resigned from IPIC’s board of directors.

“Borealis has proven to be a very good investment for IPIC. The company has successfully managed an impressive transformation from a European polyolefins company with a small joint venture in Abu Dhabi to a global company with three profit centres: polyolefins, base chemicals and Borouge. Borealis’ future growth options are well in line with our strategy to invest in the energy and related sectors across the globe,” Al Mazrouei said.

Based in Vienna, the company currently operates in over 120 countries, generating €8.3 billion (Dh34.24 billion) in sales revenue in 2014. IPIC owns 64 per cent of the company, with the remaining 36 per cent owned by OMV, an energy group in the European growth belt.