OMV, the Austrian energy company, is currently in negotiations with Abu Dhabi National Oil Company (ADNOC) regarding a potential merger of their chemicals business as OMV’s Chief Executive, Alfred Stern, said following the release of the company’s third quarter results.

Stern also mentioned that the company would be listed on the stock exchange.

If the deal is sealed, it would include a merger of petrochemicals group Borealis, which is owned by OMV and ADNOC in a 75:25 split, and Borouge, which is 54:36 owned by ADNOC and Borealis.

Stern is expecting a difficult fourth quarter and possibly a challenging first quarter of 2024 for the chemicals industry.