Middle East Economic Survey

VOL. XLVIII

No 28

11-July-2005

Uae

IPIC, OMV Buy Statoils 50% Stake In Borealis For 1Bn

Statoil announced on 30 June it had sold its 50% holding in the Borealis petrochemicals group to existing shareholders International Petroleum Investment Company (IPIC) and OMV. After the sale, IPIC will own 65% of the group and OMV 35%. Abu Dhabi-based IPIC owns a 17.6% share in OMV, of which 31.5% is held by the Austrian government. The sale price of 920mn plus 80mn in a guaranteed...