Borealis AG

Borealis AG, founded in 1994 through the merger of the petrochemical interests of Finland's Neste and Norway's Statoil and headquartered in Vienna, is a major European producer of polyolefins and base chemicals. OMV owns 75 percent of the company and the Abu Dhabi National Oil Company the remaining 25 percent, and in 2024 its Borouge joint venture with ADNOC contributed EUR 389 million to net results, up 23 percent year on year.

For 2024 the group reported net sales of EUR 7.85 billion and net profit of EUR 566 million, selling 3.87 million metric tons of polyolefins, around 11 percent more than the 3.50 million tons of 2023, and 2.03 million metric tons of base chemicals, up from 1.84 million tons. Return on average capital employed improved to 6 percent from 2 percent, and the group paid dividends of EUR 978 million to its two shareholders in December 2024.

For fertilizer buyers the key structural fact is that Borealis exited the sector: on 5 July 2023 it completed the sale of its nitrogen business, including fertilizer, melamine and technical nitrogen products, to Czech-based AGROFERT at an enterprise value of EUR 810 million, transferring production assets in Austria, Germany and France. The company has since concentrated on polyolefins and base chemicals, and it has combined with Borouge and NOVA Chemicals to form Borouge International, a global polyolefins provider.