OMV and ADNOC Appoint Leadership Team for Borouge Group International

The roadmap is set, the leadership has been chosen: The merger of industry giants Borealis and Borouge Plc, as well as the integration of Canada’s NOVA Chemicals, is expected to be completed by the end of March 2026. The result is Borouge Group International AG, a company that, with a capacity of around 13.6 million tons, will become the world’s fourth-largest producer of polyolefins (plastics such as polyethylene and polypropylene).

A “Dream Team” for the Global Market

Roger Kearns will lead the new group as Chief Executive Officer (CEO). Kearns, currently still head of NOVA Chemicals, is considered a heavyweight in the industry with over 40 years of experience. He will be supported by experienced strategists from the partner companies: Dr. Stefan Doboczky (currently CEO of Borealis) will assume the role of Chief Commercial Officer, while Dr. Hasan Karam (currently of Borouge Plc) will oversee production as Chief Operating Officer. “Borouge Group International will be exceptionally well-positioned to drive the next wave of industrial growth,” explained Dr. Sultan Ahmed Al Jaber, who not only serves as Group CEO of ADNOC but will also chair the supervisory board of the new BGI.

Strategic Significance and Market Position

The merger is far more than a purely administrative consolidation. It is a response to a rapidly changing energy market. While the traditional oil business faces pressure to decarbonize, demand for specialty plastics—such as those used in electric mobility, modern infrastructure, and sustainable packaging—is growing.

By joining forces, the companies are creating an enterprise with production across three continents and direct access to the growth markets in Asia and North America. The direct link to ADNOC ensures access to low-cost raw materials in the Middle East. Borealis brings leading technologies in the field of circular economy (recycling), while Borouge operates the world’s largest integrated polyolefin site.

The financial strategy: dividends and stock market listing

For OMV shareholders, this step is of central importance. BGI will be managed as an equal partnership (50/50) between OMV and XRG (the investment arm of ADNOC). According to the company, the new entity will have a “first-class margin profile” and greater dividend capacity than the previous structure of Borouge Plc.

The transition phase remains of interest: Since Borouge Plc will remain listed on the Abu Dhabi Stock Exchange (ADX) for the time being, a share exchange offer is being prepared to transfer the shares to the new holding company. Until then, proven leaders such as Hazeem Sultan Al Suwaidi (CEO of Borouge Plc) will remain in office to ensure continuity in day-to-day operations.

Important Merger

To understand the significance of this deal, it is worth taking a look at the key economic figures of the partners involved. The new group will rank behind industry leaders such as ExxonMobil and Dow Chemical. Analysts estimate the enterprise value of the merged entity at over $30 billion.

OMV aims to achieve net-zero emissions by 2050. The chemicals division is the key lever for shifting away from burning fossil fuels toward material utilization. The project is considered the most important joint industrial venture between Austria and the UAE and strengthens the long-standing strategic energy partnership between the two countries.

Final Appointment

The last vacancy on the Executive Board is expected to be filled by May 2026. The search for an external Chief Financial Officer (CFO) is already in full swing. Until then, Daniel Turnheim will manage the finances of the new giant. Once the final signatures are dry in March 2026, Vienna will be home to another global corporate headquarters—and the global map of the chemical industry will be redrawn.

OMV