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

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,

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

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 $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.

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,