The complex ownership structure and the involvement of two governments make it intriguing to see who holds the whip hand. ADNOC owns 54% of Abu Dhabi-listed Borouge, while 36% of the same company is held by Borealis, with other investors accounting for the other 10%. Meanwhile ADNOC owns 25% of Borealis, while OMV holds the other 75%. Strip out Borouge's dividend, and Borealis would be worth $10 billion, Deutsche Bank reckons. ADNOC’s 63% Borouge stake and 25% Borealis stake are thus worth $14 billion and $2.5 billion respectively; OMV’s 27% Borouge stake and 75% Borealis holding are worth $6 billion and $7.5 billion.

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Persons: ADNOC, OMV, Goldman Sachs, China's Sinopec, Saudi Arabia's SABIC, Abu Dhabi, Abu Dhabi’s, George Hay, Pranav Kiran Organizations: Reuters, Abu, Abu Dhabi National Oil Company, Borealis, Reuters Graphics Reuters, Deutsche Bank, Abu Dhabi National Oil Co, OMV, ADNOC, Thomson Locations: Abu Dhabi, Austrian, Borealis, Borouge, Saudi, India, Abu, Europe, Vienna, ADNOC