Stock markets in the United Arab Emirates closed higher on Friday on rising oil prices and after the Federal Reserve indicated earlier in the week it is likely to cut borrowing costs next year. Oil prices, a major driver for Gulf economies, were on track to notch up their first weekly rise in two months after a...
Abu Dhabi National Oil Co. and Austria’s OMV AG are putting the final touches on a deal to create a petrochemical firm worth more than €30 billion ($32 billion), according to people with knowledge of the matter. Officials may reach a breakthrough as soon as mid-November, when the two sides will meet to discuss details...
LONDON, July 24 (Reuters Breakingviews) – A merger of two companies can be a headache; a merger of two countries even more so. The state-owned Abu Dhabi National Oil Company (ADNOC) and $15 billion OMV (OMVV.VI), 32% held by the Austrian state, are in talks to merge the two petrochemical companies they cross-hold, Borouge (BOROUGE.AD) and Borealis, into an entity...