Borouge, the largest chemicals producer in the United Arab Emirates, plans to strengthen its presence in the Asia-Pacific region through a mega merger deal.

Borouge is seeking to merge its business with Borealis, a unit of the Austrian company OMV, in a deal worth 30 billion euros ($32 billion).

This merger is a huge strategic step aimed at taking advantage of the rapid growth opportunities in Asia, the largest chemicals market in the world. The merger will create a leading global entity in the field of chemicals, with a total production capacity of 8.5 million tons annually.

Borouge is evaluating options for expansion in key Asian markets, such as India and China. As demand for chemical products is expected to rise significantly, this merger comes within the framework of the strategy of ADNOC, the majority shareholder in Borouge, to expand globally.

ADNOC's efforts include seeking to acquire the German company Covestro, and purchasing shares in natural gas fields in Egypt and Azerbaijan. This merger is an important step in Borouge's journey to become a leading global chemicals company.