UAE’s Adnoc Targets More Chemicals Growth After Mega OMV Deal

The $60 billion company formed by the merger of Adnoc and OMV AG’s chemical units is targeting a more than 50% boost in profits, and remains open for further deals or building new plants.

The transaction is Abu Dhabi National Oil Co.’s latest big bet on chemicals. The company sees demand rising for products like plastics even as the energy transition forces many consumers to switch away from burning fuels for transport.

The deal, which includes the joint purchase of Nova Chemicals for $13.4 billion, will boost output capacity 30-fold from when Adnoc first started its petrochemical unit ...