IPIC Seeks to Consolidate Nova and Borealis

The Abu Dhabi Government-owned International Petroleum Investment Company (IPIC) is looking to consolidate Nova and Borealis as it focuses on building up the petrochemical industry in the country.

Abu Dhabi is investing $20bn in petrochemicals by building a chemical city known as ChemaWEyaat in the Western Region to add value to the oil and gas industries, according to thenational.ae.

IPIC owns a 64% stake in Austria-based Borealis and a 40% stake in ChemaWEyaat, as well as stakes in other ventures including Nova Chemicals in Canada.

Through the consolidation, IPIC is seeking to bring Nova Chemicals to Abu Dhabi to carry out some projects with the Abu Dhabi National Oil Company (ADNOC) and ChemaWEyaat.

IPIC did not reveal further details about the plans, though they are likely to be implemented over the next two years.