VOL. XL

No. 38

22-September-1997

UAE

Abu Dhabi's IPIC And Austria's OMV To Acquire Neste's Stake In Borealis

The Abu Dhabi state-owned International Petroleum Investment Company (IPIC) andAustria's OMV announced on 15 September that they have signed a letter of intent withFinland's Neste Oy to acquire the latter's entire 50% equity stake in the Copenhagen-basedBorealis - a 50-50 petrochemical joint venture established in 1994 by Neste and Norway'sStatoil. IPIC and OMV will each have a 25% stake...