Abu Dhabi National Oil Company (ADNOC) and Austria’s Borealis AG are considering a potential IPO of a minority stake in their joint venture plastics business Borouge, the state oil company said in a statement on Tuesday.

Abu Dhabi-based polyolefins maker Borouge consists of Borouge ADP, the production company, and Borouge Pte, which handles sales and marketing. ADNOC holds 60 percent stake in Borouge ADP, with Borealis holding 40 percent.

Both companies have a 50 percent shareholding in Borouge Pte.

Borealis and ADNOC said will provide further updates as and when appropriate, the statement said.

(Reporting by Brinda Darasha; editing by Seban Scaria)

brinda.darasha@lseg.com

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