Abu Dhabi National Oil Company ( ADNOC) confirmed the company’s negotiations with Austria’s OMV to set up a new global polyolefins group. In a statement issued on Saturday, ADNOC said negotiations to merge their Borouge and Borealis companies were going in a “constructive and positive manner”, Reuters reported.

Austria's OMV and Abu Dhabi National Oil Company (ADNOC) said on Friday that the companies are considering a potential joint venture to acquire Canada's Nova Chemicals, subject to agreements with its owner Mubadala.

Abu Dhabi National Oil Company (ADNOC) confirmed on Saturday negotiations with Austria's OMV to set up a new global polyolefins group. It said in a statement negotiations to merge their Borouge and Borealis companies were going in a "constructive and positive manner".