Borouge Group targets 2027 share swap, dual Abu Dhabi-Vienna listing

Key Points

1. Borouge Group International plans a 2027 share exchange offer ahead of an Abu Dhabi listing
2. The company was formed by XRG and OMV merging Borouge, Borealis and Nova Chemicals
3. A dual listing would open new financing pools for the world's fourth-largest polyolefins producer

The latest:

Borouge Group International is targeting 2027 for a proposed offer to swap Borouge shares into the new entity, paving the way for a listing on the Abu Dhabi Securities Exchange alongside a capital increase. The group also plans an additional listing on the Vienna bourse. It is aiming for annual cash proceeds above 1.8 billion dirhams, or 500 million dollars.

Details:

• The structure: Borouge Group International was established in March 2026 by XRG, the international investment arm of ADNOC, and Austria’s OMV, each holding a 50% stake. The company was created through the merger of Borouge and Borealis together with the acquisition of Nova Chemicals, according to Argaam.
• The share swap: The proposed transaction would offer Borouge shareholders an exchange of their existing shares for shares in the newly formed group, with execution targeted during 2027. The offer is tied to a capital increase accompanying the Abu Dhabi listing. A precise date for the offer has not been announced.
• The listings: The plan centres on a listing on the Abu Dhabi Securities Exchange, with a further listing planned on the Vienna Stock Exchange, placing the company in both its Emirati and Austrian shareholders’ home markets.
• The financial target: The company is targeting annual cash proceeds exceeding 1.8 billion dirhams, equivalent to 500 million dollars, drawn from earnings before interest, taxes, depreciation and amortisation. Argaam reported the figures based on third-quarter 2026 results statements from Borouge and Borouge Group International.
• The timeline: Up to 75% of the targeted cash proceeds are expected to be realised within three years of the group’s establishment, according to the company’s stated plan. With the entity founded in March 2026, that horizon runs into early 2029, overlapping with the targeted share exchange.
• The market position: Borouge Group International describes itself as the fourth-largest polyolefins producer globally. Polyolefins are the plastics family including polyethylene and polypropylene, used in packaging, pipes, automotive components and agricultural film, making the company a supplier into industrial and consumer supply chains across multiple regions.
• The parents: XRG is the vehicle ADNOC uses for international investments, while OMV is Austria’s integrated oil, gas and chemicals group. The 50-50 split means neither partner holds a controlling majority, a structure that shapes how listing proceeds and dividends are distributed between the two sides.
• The Nova piece: The acquisition of Nova Chemicals formed part of the founding transaction alongside the Borouge-Borealis merger, adding North American production assets to the combined platform. Terms of the acquisition were not detailed in the results statements covering the third quarter of 2026.

Background:

Borouge was originally a joint venture between ADNOC and Borealis, listed in Abu Dhabi in 2022. The 2026 reorganisation folded that venture, Borealis itself and Nova Chemicals into a single group jointly owned by XRG and OMV.

Between the lines:

The sequencing matters: an Abu Dhabi listing paired with a capital increase gives the group access to Gulf equity capital, while the Vienna leg serves OMV’s European shareholder base. The share exchange offer converts existing Borouge investors into holders of the larger combined entity, and its 2027 timing sits inside the three-year window in which most targeted cash proceeds are meant to materialise.

What’s next

Watch for the formal terms and exchange ratio of the share swap offer, regulatory filings with the Abu Dhabi Securities Exchange and the Vienna bourse, and the size of the planned capital increase.