By Gursimran Mehar, Yousef Saba, Federico Maccioni and Abinaya V(Reuters) -Abu Dhabi National Oil Company and Austria's OMV will merge their polyolefin businesses to create a chemicals powerhouse with a $60 billion enterprise value,

State-owned Abu Dhabi National Oil Company (ADNOC) and Austria's OMV will merge their polyolefin businesses to create a $60 billion chemicals powerhouse, call

Abu Dhabi’s Adnoc and Austria’s OMV reached an agreement to combine their petrochemical businesses and subsequently acquire Canada’s Nova Chemicals to form a giant with a combined value of about $60 billion.

The two companies are merging some petrochemicals and plastics units to form Borouge Group, which will also acquire Canada's Nova Chemicals.

Nova is one of North America’s largest polyethylene (PE) resin makers, and is wholly owned by Mubadala Investment Co., a state-owned investment group based in Abu Dhabi. Nova has resin production facilities in Joffre, Alta.; Sarnia, Ont.; Geismar, La.; and a new film recycling plant in Connersville, Ind.

Borouge and Borealis combine to form $60bn Borouge Group International with polyolefins capacity of appx 13.6mn tons per annum; New entity to acquire Nova Chemicals for $13.4bn

The $60 billion company formed by the merger of Adnoc and OMV AG’s chemical units is targeting a more than 50% boost in profits, and remains open for further deals or building new plants.Most Read fro

Following the acquisition, the new firm, called Borouge Group International (BGI), will be the world’s fourth-largest polyofin company, said ADNOC and OMV.

Twenty years ago, it would have been strange to see newly formed Arab companies do business that spawns continents and create a behemoth infrastructure within any industry, let alone chemicals. These days,