Borouge and Borealis have combined to create Borouge International and acquire NOVA Chemicals, backed by shareholders OMV and XRG, with each holding a 50% stake in the company.
The new company is headquartered in Austria, with regional headquarters in the UAE. Borouge International will operate corporate hubs across North America, Europe and Asia, with innovation centres in Austria, UAE, Canada, Finland, Sweden and China.
Borouge International’s leadership team consists of chief executive officer Roger Kearns, chief commercial officer Dr. Stefan Doboczky and chief operating officer Dr. Hasan Karam. Daniel Turnheim, currently the CFO of Borealis, will serve as interim CFO of Borouge International.
OMV and XRG previously announced a planned tender offer to create a simplified structure aiming to enable value creation from the new company. The proposed tender offer, which will convert Borouge shares to Borouge Group International shares, is expected to take place in 2027, subject to market conditions and approval by the UAE Capital Market Authority.
In related news, Borouge and Borealis joined forces with Catalytic Finance Foundation, Pelita Mekar Semesta (PMS) and Reciki Solusi Indonesia in an effort to establish Indonesia’s ‘first’ fully integrated circular waste management ecosystem. The parties also seek to work with Project STOP, an initiative co-founded by Borealis and Systemiq that partners with governments and communities in Indonesia to design and implement circular waste management systems to reduce ocean pollution.
Borealis recently worked with FSG Returnables to help the Northamptonshire Healthcare NHS Foundation Trust (NHFT) introduce a reusable cup system to its hospital cafés, a move expected to reduce waste and lower Extended Producer Responsibility costs. This includes Zero Waste Cups, a mono-polypropylene solution that uses material from Borealis’ Daploy high-melt-strength portfolio.
If you liked this story, you might also enjoy:
The ultimate guide to packaging innovation in 2026
Packaging and Packaging Waste Regulation: what to know in 2026
Everything you need to know about global packaging sustainability regulation
No comments yet