Borealis Seeks Chemicals Acquisitions for Business Expansion
Mark Garrett, the Chief Executive Officer of chemicals and plastics maker Borealis AG has chalked out plans for expanding its business through acquisitions. The firm is in touch with prospective investors and businesses but later pulled its hands due to price issue. He declined any immediate deal adding that market has a number of opportunities.
Borealis, 64 percent-owned by Abu Dhabi’s International Petroleum Investment Co., also eyes on acquiring olefin and polyolefin assets or ammonia and urea businesses. OMV AG, an Austrian refiner and oil and gas producer has also 36 per cent shares in the firm, has declined to dilute its holding in Borealis.
IPIC Managing Director Khadem Abdulla Al-Qubaisi claimed that some investors approached the firm last year for possible acquisition through Borealis.
Borealis has significant presence in the Asian markets but slow demand for chemicals in the European market may hit its growth.
Borealis Chief Executive Mark Garrett said, "As such we continue to focus on our corporate social responsibility activities within the societies where we operate. We are expanding our petrochemical operations at Borouge, our joint venture with ADNOC, and therefore are committed to contributing to the welfare and enhancement of the communities in the UAE."
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