15 April 2011 16:52 [Source: ICIS news]
A spokesperson for Austria-based petrochemicals major Borealis told ICIS the company could not comment on the plans of its owners. Media officials at
The report by Abu Dhabi’s The National cited IPIC managing director Khadem al Qubaisi as saying IPIC would consolidate the two chemicals businesses “and bring NOVA to Abu Dhabi to do some projects… .”
The plans would likely be implemented over the next two years, al Qubaisi told the paper. Al Qubaisi is also chairman of NOVA Chemicals's board of directors and chairman of Borealis's supervisory board.
NOVA and Borealis, along with
IPIC acquired NOVA Chemicals in 2009 in for $2.3bn (€1.6bn).
Following the acquisition, Gerhard Roiss, the then-deputy CEO of Austria’s energy and petrochemicals firm OMV, became NOVA’s board chairman as OMV was taking on a role in steering NOVA.
However, last year, when al Qubaisi became NOVA chairman to succeed Roiss, who took over as OMV’s CEO, a NOVA spokesperson said NOVA would be managed as an independent affiliate within IPIC's investment portfolio.
($1 = €0.69)
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