Another day, another energy-sector IPO in Abu Dhabi. The Borouge petrochemicals JV of Adnoc (60%) and Austria’s Borealis is to float 10% of its stock on the Abu Dhabi Exchange (ADX), with an expected listing date of 3 June. Following the IPO, Adnoc will hold 54%, Borealis 36% and 10% will be held by investors – Adnoc is itself acquiring a 25% stake in Borealis from Abu Dhabi state investor Mubadala (MEES, 6 May). Borouge has 5mn t/y polyolefins capacity at its facilities in Ruwais, Abu Dhabi, following the February start up of the PP5 facility (MEES, 25 February). This will rise to 6.4mn t/y in 2025 once the Borouge4 plant is operational (MEES, 19 November 2021).
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