Statoil has sold its 50 per cent holding in the Borealis petrochemicals group to the International Petroleum Investment Company (IPIC) and OMV Aktiengesellschaft, companies that currently own the other 50 per cent of Borealis. After the sale,
The sale price of €920 million plus €80 million in a guaranteed dividend for 2005 – a total of €1 billion – will be paid on closing. This gives Statoil an expected book gain of approximately NOK 1.7 billion.
Borealis will remain an important partner for Statoil as its biggest customer for natural gas liquids (NGL). Long-term contracts to deliver feedstock from the Norwegian Continental Shelf (NCS) to the petrochemical plants at Bamble south of
Borealis ranks today as one of the biggest petrochemical groups in
The sale of Statoil’s holding to IPIC and OMV has been approved by the respective boards of all three companies, but is conditional on obtaining the necessary approvals in the European Union, the