Abu Dhabi’s XRG Upbeat on European Prospects, Open to More M&A
Last month, Abu Dhabi National Oil Co.’s XRG unit finalized a deal involving OMV AG and Nova Chemicals Corp. to create Borouge Group International.
Photographer: Georg Hochmuth/AFP/Getty ImagesAbu Dhabi’s state oil company, which recently closed a three-way merger to create a $60 billion petrochemical behemoth, said it’s confident about Europe’s economic prospects and remains open to new deals.
“We’re not ruling out additional investments in Europe,” Rainer Seele, who’s responsible for the chemicals business at Abu Dhabi National Oil Co.’s XRG unit, said at a Wednesday press briefing in Vienna. “We know a lot of investors right now are critical of Europe. But XRG is convinced it will have a good future. Europe long-term will play a leading role.”