Borealis appoints Thomas Gangl as new chief executive
Outgoing chief executive Alfred Stern will join OMV's executive board for chemicals and materials
Borealis, the petrochemicals company owned by Austrian energy firm OMV and Abu Dhabi's Mubadala, has appointed Thomas Gangl as its new chief executive.
Mr Gangl replaces Alfred Stern, who will join OMV's executive board for chemicals and materials.
Mr Gangl will assume responsibility for his new role on April 21 of this year.
"In recent years, Thomas Gangl has not only played a significant part in shaping the refining and petrochemicals business in the OMV Group but was also responsible for establishing chemical recycling and thereby laying the foundation for our future circular economy," said OMV chairman and chief executive Rainer Seele.
Last year, OMV became the majority shareholder in Borealis after acquiring a 39 per cent stake from Mubadala for $4.68 billion.
Vienna-based OMV now holds a 75 per cent interest in Borealis and Mubadala retains the rest.
OMV is in turn part-owned by Mubadala, which has a 24.9 per cent stake in the explorer.
Borealis operates Borouge, the UAE's largest petrochemicals company, in a joint venture with Abu Dhabi National Oil Company. It also operates Baystar on the Texas Gulf Coast with French oil major Total.
Updated: February 5, 2021 06:34 PM