Borouge looks to lead petrochemicals as it awaits merger approval
BGI plans to distribute a $2.2 billion annual dividend for at least four years.
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Borouge Chairman Sultan Al Jaber at COP29 conference last year in Azerbaijan
Borouge Group International, the $60 billion Emirati-Austrian chemical giant created last month, is cooking up plans to lead the industry as it awaits EU regulatory approval.
“As we embark on a new era of transformative growth, [BGI] will be a global petrochemical powerhouse – combining scale, resilience and innovation,” Dr. Sultan Al Jaber, Chairman of Borouge, which is slated to merge with Vienna-based OMV’s Borealis unit, told shareholders on Monday.
Al Jaber, who is also Group CEO of ADNOC and the UAE Minister of Industry and Advanced Technology, said BGI plans to distribute a $2.2 billion annual dividend for at least four years after the deal’s closing, which is expected in 2026.
“Simply put, ADNOC and OMV are building a bigger, stronger, growth-orientated company that is focussed on delivering superior total shareholder returns to our investors,” Al Jaber said.