No news of potential buyers has emerged as yet. Not part of the potential sales process are Borealis’ share in fertilizer production sites in the Netherlands and Belgium (“Rosier”).

Going forward, Borealis said it will focus on its core activities of providing innovative solutions in the fields of polyolefins and base chemicals, thus extending the value chain of majority owner oil and gas giant OMV towards higher value chemical products and the transformation toward a circular economy.

The new strategy is thought to reflect plans by OMV to exploit its now majority interest in Borealis. In the third quarter of 2020, Abu Dhabi-based private equity investor Mubadala sold a 39% stake in the chemical producer to OMV, which now holds 75% to Mubadala’s 25%

At the time, Rainer Seele, OMV’s chairman and CEO, said management was establishing an integrated and sustainable business model, extending its value chain toward higher value chemical products and recycling, thereby repositioning the group for a lower carbon future.

Borealis currently operates fertilizer production plants in important crop-producing regions of Austria and France. With around 60 warehouses across Europe and around 5 million t of products supplied annually in western, central and southeast Europe through its L.A.T distribution network, it regards itself as one of Europe’s leading fertilizer producers.

The Vienna group also is one of the global market leaders in melamine, the most valuable and sophisticated product in the nitrogen chain, with its operations in Austria and Germany serving the essential raw material primarily to the woodworking industry.

Author: Dede Williams, Freelance Journalist