Abu Dhabi National Oil Company (ADNOC) confirmed on Saturday negotiations with Austria's OMV to set up a new global polyolefins group.

It said in a statement negotiations to merge their Borouge and Borealis companies were going in a "constructive and positive manner". 

The proposed merger would create a global polyolefin group, which would combine Canada's Nova Chemicals, Borealis and Borouge.

(Reporting by Hatem Maher Menna Alaa El-Din; Editing by Emelia Sithole-Matarise)