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Feb 2, 2025
Austria’s OMV and ADNOC Consider Joint Acquisition of Canada’s Nova Chemicals
Austria’s energy company OMV and Abu Dhabi’s Abu Dhabi National Oil Company (ADNOC) are in talks to form a joint venture to acquire Canada’s Nova Chemicals, according to a recent announcement. The potential deal, which depends on approval from Nova Chemicals’ owner, the Abu Dhabi sovereign wealth fund Mubadala, aims to create a global leader in the polyolefins industry. Polyolefins are a key segment in the petrochemical sector, used in everything from packaging to automotive parts.