Adnoc, OMV make headway on Borouge platform

Abu Dhabi National Oil Company (Adnoc) and Austrian natural gas firm OMV will begin to operate and market volumes from the new Borouge 4 (B4) complex in exchange for an at-cost fee, as they make headway on the merger of their polyolefins business, according to a statement.

Why it matters: By using an at-cost usage fee, the new group pockets an estimated USD 400 mn in net income over the next three years without having to secure the full acquisition of the complex from current owners, which is not expected before 2029, according to the statement.

REMEMBER- Adnoc and OMV last year agreed to merge their polyolefins businesses into Borouge Group International, a c. USD 60 bn platform combining Borouge, Borealis, and Nova Chemicals, with planned capacity of 13.6 mn tonnes across Europe, the Middle East, and North America. The merger is on track to be completed before the end of the month.

Mawani opens new Sharjah-Dammam route, expands shipping services

UAE, Saudi expand trade routes amid Hormuz risk: The Saudi Port Authority (Mawani) has opened a new sea-land logistics corridor between UAE’s Sharjah and Saudi Arabia’s Dammam, the Saudi Port Authority said in a post on X.

That’s not all from Mawani: Mawani also added five new maritime shipping services. The new lines are Gulf Shuttle, Redex, jade, AE19, and SE4 services with MSC, CMA CGM, Maersk, and Hapag-Lloyd — adding a combined capacity of 65.6k TEUs across routes linking Saudi ports with regional and global destinations.

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