Abu Dhabi National Oil Company has sealed a long-awaited deal to create a $60bn global plastics company after agreeing to combine its petrochemical assets with those of Austria’s OMV. The new company,

Adnoc and OMV will create Borouge Group International through an all-share combination of Borouge and Borealis, the companies said Tuesday. OMV will inject 1.6 billion euros ($1.68 billion) in cash into the business to put its shareholding on par with Adnoc, they said.