{"id":101337,"date":"2025-03-05T00:00:00","date_gmt":"2025-03-05T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/uae\/new-adnoc-omw-jv-open-to-further-partnerships-eyes-50-rise-in-net-income\/"},"modified":"2025-03-05T00:00:00","modified_gmt":"2025-03-05T00:00:00","slug":"new-adnoc-omw-jv-open-to-further-partnerships-eyes-50-rise-in-net-income","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/uae\/2025\/03\/05\/new-adnoc-omw-jv-open-to-further-partnerships-eyes-50-rise-in-net-income\/","title":{"rendered":"New Adnoc + OMW JV open to further partnerships, eyes 50% rise in net income"},"content":{"rendered":"

Adnoc a<\/strong>nd OMV\u2019s new USD 60 bn <\/strong>JV polyolefins business<\/a><\/strong>, Borouge International, is <\/strong>open to further partnerships and building new plants<\/strong>, Adnoc\u2019s Downstream CEO Khaled Salmeen told Bloomberg TV (watch, runtime: 2:49<\/a>). Any new developments or acquisitions will depend on market conditions, he said.<\/p>\n

ICYMI-<\/strong> Adnoc and Austria\u2019s 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\u2019s 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.<\/span><\/p>\n

Borouge International is also looking to boost its net income by over 50%<\/strong>, 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. <\/p>\n","protected":false},"excerpt":{"rendered":"

Adnoc Downstream CEO Khaled Salmeen said demand for plastics was still high<\/p>\n","protected":false},"author":1,"featured_media":101338,"comment_status":"","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[1551],"tags":[57,766,1696,143,7,1344,41],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-101337","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-uae-in-the-news","tag-adnoc","tag-borouge","tag-chemicals","tag-energy","tag-enterpriseam-uae","tag-ma","tag-uae-in-the-news","wpautop","entry"],"acf":{"mongo_id":"ffee4561-7583-42a1-b626-a9d11238f33f","order":"8","is_powered_by":false,"story_type":"1","photo_url":"https:\/\/ent.news\/2024\/1\/1909.jpg","photo_position":"above","homepage_title":"","full_issue_title":"New Adnoc + OMW JV open to further partnerships, eyes 50% rise in net income","related_issue":[101323],"teaser":"Adnoc Downstream CEO Khaled Salmeen said demand for plastics was still high","voice_url":"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2025\/3\/.ef07ee12-aa33-4ed0-a3df-649a63911d91.mp3"},"yoast_head":"\nNew Adnoc + OMW JV open to further partnerships, eyes 50% rise in net income - 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