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,

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.

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

The United Arab Emirates’ and Austria’s top oil companies agreed on terms to create a chemicals giant worth more than $60 billion, enhancing their positions in an industry they expect will continue to grow in the energy transition.

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.

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

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

Combination of Borouge and Borealis to create Borouge Group International, with new entity to acquire Nova Chemicals for $13.4 billion, establishing the world’s fourth-largest polyolefins player

OMV and ADNOC agreed on the key terms of the potential consolidation of their polyolefin businesses and the subsequent acquisition of NOVA Chemicals under the new JV.

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,