Adnoc and OMV’s new USD 60 bn JV polyolefins business, Borouge International, is open to further partnerships and building new plants, Adnoc’s Downstream CEO Khaled Salmeen told Bloomberg TV (watch, runtime: 2:49). Any new developments or acquisitions will depend on market conditions, he said.

ICYMI- Adnoc and Austria’s OMV agreed terms of an agreement to merge their polyolefins businesses after years of negotiations earlier this week, creating a USD 60 bn global polyolefins player set to be the world’s fourth largest. The merged business, set to be based in Austria with a regional HQ in the UAE, will have a capacity of 13.6 mn tonnes per year across Europe, the Middle East and North America.

Borouge International is also looking to boost its net income by over 50%, as it sees demand for plastic products remaining high despite the green transition towards renewables. The JV is predicted to bring in roughly USD 7 bn in EBITDA, Salmeen said.

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