Abu dhabi: ADNOC and OMV announced the executive leadership team and Supervisory Board of Borouge Group International AG, a global polyolefins company to be established through the merger of their stakes in Borouge Plc and Borealis, followed by the acquisition of NOVA Chemicals.
According to Emirates News Agency, the new executive team brings together extensive senior leadership experience in the international chemicals, commodities, and refining sectors, along with comprehensive commercial and operational experience from Borouge Group International AG's constituent businesses. The executive team will take up their roles once the Borouge Group International AG transactions are finalized, which are anticipated to close by March 2026.
Dr. Sultan Ahmed Al Jaber, Minister of Industry and Advanced Technology, Managing Director and Group CEO of ADNOC, and Executive Chairman of XRG, has been appointed as Chairman of the Supervisory Board of Borouge Group International AG. Dr. Al Jaber stated, "Borouge Group International is set to become a leading global industry powerhouse that will drive the next wave of industrial growth and deliver long-term returns for our shareholders, aligned with the long-term strategic vision of ADNOC and OMV."
Roger Kearns, currently President and CEO of NOVA Chemicals, will assume the role of Chief Executive Officer (CEO) of Borouge Group International AG. He emphasized the company's resilience, innovation, and operational strength, stating, "Our priority will be continuity for customers, confidence for shareholders, and disciplined execution as we build a leading global polyolefins champion."
Dr. Stefan Doboczky, currently CEO of Borealis, will become the Chief Commercial Officer (CCO). Dr. Hasan Karam, with extensive experience in refinery and petrochemical operations, will take on the role of Chief Operating Officer (COO). Daniel Turnheim, presently CFO of Borealis, will be the interim CFO at Borouge Group International AG until a permanent CFO is appointed by May 2026.
ADNOC and OMV also revealed the shareholder-nominated members of Borouge Group International AG's Supervisory Board. The board includes representatives from both ADNOC and OMV, with Dr. Sultan Ahmed Al Jaber serving as Chairman. Other members include Mussabeh Al Kaabi, Fatema Al Nuaimi, Dr. Rainer Seele, and Klaus Froehlich from ADNOC, and Dr. Alfred Stern, Reinhard Florey, Martijn van Koten, Dr. Edith Hlawati, and Georg Knill from OMV.
Borouge Plc will maintain its listing on the Abu Dhabi Securities Exchange (ADX) until the proposed tender offer converts Borouge Plc shares to Borouge Group International AG shares. Hazeem Sultan Al Suwaidi, Jan-Martin Nufer, and Roland Jannsen will continue in their respective roles at Borouge Plc during the transition period.
The announcement marks a significant step in creating a global polyolefins powerhouse, with Borouge Group International AG set to leverage a geographically diversified platform, integrating production across three continents to serve international customers. This global reach, along with strong shareholders and a robust capital structure, is expected to ensure resilience and sustainable shareholder returns throughout the business cycle.