The Nova Chemicals plant in Joffre, Alta. (Nova Chemicals)

By Josh Hall | @Vancan19

austria, united arab emirates

Nova Chemicals acquired for $13.4 billion in international merger

Mar 10, 2025 | 5:02 PM

Polyethylene producer Nova Chemicals, which operates a plant in Joffre, Alberta, east of Red Deer, was recently announced as part of an international merger.

The merger is primarily between Austria-based OMV and Abu Dhabi National Oil Company (ADNOC) in the U.A.E.

Meantime, ADNOC entered into a share purchase agreement to purchase Nova Chemicals Holdings from U.A.E.-based Mubadala Investment Company.

The transaction between OMV and ADNOC means the formation of Borouge Group International (BGI), which is the merged entity that is buying Nova for $13.4 billion, including debt.

“These transformative transactions mark a pivotal milestone in ADNOC’s global chemicals strategy as we deliver on our international growth mandate. Building on our 25-year strategic partnership with OMV, we will create a new industry powerhouse, with a portfolio of premium products, cutting-edge technologies and worldwide market access,” Dr. Sultan Ahmed Al Jaber, ADNOC Managing Director and Group CEO, said in a media release.

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“The visionary combination of Borouge and Borealis and acquisition of Nova Chemicals, further future-proofs ADNOC and solidifies Abu Dhabi’s status as a leader in the chemicals sector, as we seek to meet the growing global demand for chemicals and associated products, while driving value creation and growth opportunities for our shareholders.”

BGI will be headquartered in Austria, and the new company estimates it will create a $60+ billion global polyolefins operation — the fourth largest in the world by nameplate production capacity.

“Once closed, this deal will mark an exciting new chapter for NOVA Chemicals, ADNOC, and their portfolio of global petrochemical companies,” a statement from Nova Chemicals to rdnewsNOW reads.

“Together we will be uniquely positioned to meet the growing demand for plastics while accelerating the transition to a circular economy and delivering even more value to Alberta.”

rdnewsNOW has also asked potential changes to the Nova facility in Joffre; and will add any future comments to this story.

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