Borealis ownership change final

17-Oct-05

The new ownership of Borealis, with IPIC holding 65% and OMV holding 35%, announced on June 30, is final, following receipt of the necessary regulatory approvals. International Petroleum Investment Company (IPIC) of Abu Dhabi and OMV Aktiengesellschaft of Austria had agreed to purchase Statoil's 50% shareholding in Borealis A/S. Borealis is a 40-year old manufacturer of polyethylene (PE) and polypropylene (PP) products. In 2004, the company had a net income of EUR 203 million and EUR5 billion revenue in sales. IPIC - The International Petroleum Investment Company. IPIC is the Abu Dhabi state enterprise responsible for all foreign investments in the oil and chemicals sector. It is supervised by the Supreme Petroleum Council of Abu Dhabi which oversees the Emirates' oil and gas operations as well as related industries. An investment company from Abu Dhabi, it holds a 17.6% stake in OMV Aktiengesellschaft. OMV Aktiengesellschaft is Austria's largest listed industrial company. As the leading oil and gas group in Central Europe, OMV is active in Refining and Marketing (R&M) in 13 countries. OMV holds stakes in integrated chemical and petrochemical plants - 50% in AMI Agrolinz International GmbH and 35% stake in Borealis A/S. Statoil, an integrated oil and gas company, is one of the world's largest net crude oil sellers. It is a major supplier of natural gas in the European market and has substantial industrial operations. The Group is operator for 60% of all Norwegian oil and gas production and its international production is rising steeply.