Borouge, Borealis merge to form Borouge International, acquire NOVA Chemicals

GLOBAL – Borouge and Borealis have combined to create Borouge International and acquired NOVA Chemicals, backed by shareholders OMV and XRG each holding a 50 percent stake, forming the world’s fourth largest polyolefins producer with 13.6 million tonnes of annual capacity.

The new company is headquartered in Austria with regional headquarters in the UAE, operating corporate hubs across North America, Europe, and Asia.

Borouge International’s leadership includes CEO Roger Kearns, CCO Dr. Stefan Doboczky, and COO Dr. Hasan Karam, with Daniel Turnheim as interim CFO.

A Global Polyolefins Powerhouse

The transaction integrates production across three continents, positioning Borouge International as the fourth largest polyolefins producer globally.

The Borouge 4 production complex, a new integrated polyolefins facility with a 1.5 million tonne ethane cracker and 1.4 million tonnes of polyethylene capacity, is expected to start up this quarter.

The acquisition of NOVA Chemicals was valued at US$13.4 billion (approximately €12.3 billion), with the combined entity expecting over US$500 million (approximately €460 million) in annual synergies, 75 percent expected within three years.

The new company has received investment-grade credit ratings from S&P, Moody’s, and Fitch.

Circular Economy Commitments

Borouge and Borealis have joined with Catalytic Finance Foundation, Pelita Mekar Semesta, and Reciki Solusi Indonesia to establish Indonesia’s “first” fully integrated circular waste management ecosystem.

The parties are also working with Project STOP, an initiative co-founded by Borealis and Systemiq that partners with governments and communities in Indonesia to reduce ocean pollution.

Since 2017, Project STOP has collected over 100,000 metric tons of waste across Indonesia, created 276 full-time jobs, and expanded waste management services to 772,485 people.

For 2026, Project STOP will continue expanding waste collection services to additional villages in Banyuwangi Regency, commission a second material recovery facility, and begin construction of two material transfer stations capable of handling up to 260 metric tons of waste daily.

What This Means for Recycling

For the packaging and recycling industries, Borouge International’s formation signals major consolidation in polyolefins production with significant implications for circular economy infrastructure across Asia.

The company’s commitment to Project STOP demonstrates that major petrochemical producers are investing in collection and recycling infrastructure to secure feedstock for recycled content commitments.

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