Adnoc, Borealis Hiring Banks for IPO of Plastics Venture Borouge - Bloomberg
The largest oil producer in the United Arab Emirates and its Austrian chemicals partner are lining up banks to help arrange a potential listing of their plastics venture Borouge within months, according to people familiar with the matter.
Abu Dhabi National Oil Co. and Borealis AG said on Tuesday they’re considering an initial public offering of a minority stake in the business. They hired First Abu Dhabi Bank PJSC and an international lender for the IPO, the people said, asking not to be identified discussing confidential information.
The companies will appoint more banks for a listing that could come as early as mid-year, though timing could shift, the people said.
Adnoc and Borealis are separately arranging $2.75 billion in financing from international banks to help fund a $6.2 billion expansion to add a fourth production line at Borouge’s facility in Abu Dhabi, according to people with knowledge of the transaction.
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