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Abu Dhabi’s Borealis seeking chemical acquisitions

IPIC holds a 64 percent stake in Borealis.

November 24, 2010 2:18 by

Borealis, a joint venture between Abu Dhabi’s International Petroleum Investment Company (IPIC) and Austria’s OMV is eyeing mergers and acquisitions in the base chemicals sector in the as part of its expansion strategy, its chief executive said on Wednesday.

“We are doing due diligence and studies in the polyolefins and base chemicals … these we understand. It is more opportunistic and what Borealis can afford to pay,” Borealis CEO Mark Garrett told reporters.

IPIC, wholly-owned by the Abu Dhabi government, holds a 64 percent stake in Borealis while Austrian oil and gas company OMV has a 36 percent stake.

(Reporting by Stanley Carvalho)

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