Industry leaders see new investment in dynamic energy-chemicals convergence

Top managers and a major investor in chemicals production met on-stage this week at ADIPEC, where they shared their views on the evolving convergence of their sector with energy technology and policy.

Three companies at the convergence

Stefan Doboczky, CEO at Borealis, discussed his company’s expanding activity in a deepening relationship with UAE-based Borouge.

“Borealis is active in the field of polyethylene, so we're speaking about materials,” he said. “We are deeply in the business of using energy in different shapes to create innovative materials, and we are creating very innovative materials to allow the energy transformation to occur.”

Doboczky explained the upcoming formation of Borouge Group International, which he anticipates being one of the world’s leading companies at the chemicals-energy interface.

Nadja Håkansson, CEO at thyssenkrupp Uhde GmbH, placed her company’s recent work on advanced low-carbon fuels into context by discussing its long history in the sector.

“We have a wide portfolio of base chemicals, downstream chemicals, and a long history of supporting mainly the fertiliser industry,” she said. “So we combine everything from water electrolysis, to green ammonia.”

“We are in grey ammonia, blue ammonia, and offer cracking solutions.”

Roland Janssen, CEO Pte at Borouge, discussed the advantages of his company’s location in the UAE.

“We are a polyolefin producer, similar to Borealis, and we use energy to convert, let's say, gas into polyolefins,” he said.

“As a UAE-based company, we produce innovative products,” he continued. “We have an innovation centre in Abu Dhabi, where we develop applications and solutions for our customers, and that is how we create value.”

Seeking value

Hetal Patel, Senior Director at Polyolefins Portfolio, Global Chemicals, and XRG, discussed the role of his investment fund that was established earlier in 2025, and has already invested billions of dollars in the sector.

“XRG has three arms, one of which is global chemicals, including our investment in the soon to be Borouge Group International,” he said. “We also have an international gas investment division, as well as a low carbon technologies investment division.”

“We truly believe that there is long term value creation available in the intersection of energy and chemicals, and that really is one of the key investment pieces for XRG, which operates like a private equity firm, but with without an end date.

“So we are a long-term investor that's really looking at financial returns, and where we have conviction in long-term planning.”

Patel described how the new Borouge Group International will combine two companies, including Borouge, which is one of the largest single site polyurethane units globally, and Borealis, which is one of the leading technology players in Europe. The entity will then acquire NOVA Chemicals, which is one of the leading film and polyethylene producers in North America.

“It creates a whole bunch of advantages, including cost advantages, and commercial synergies,” said Patel of the impending combination.

Political willingness

Nadja Håkansson placed her company’s work on new energy technologies into a broader policy context.

“Many of the nascent technologies, such as electrolysis, are still quite cost intensive, so for us to succeed we need to look at other options in our supply chain, in our manufacturing, and in our partnerships, for instance in Asia,” she said. “We need to be more relevant in China, also in Asia in general and in Africa, for us to really drive competitiveness in Europe.”

“Cost of energy is a key driver,” she continued. “It's connected to policy and to political willingness, really sitting down, government to government, and aligning on long-term offtake agreements,” she said.

“What is really essential for the projects that move forward is that they’re always backed by political willingness.”. “This is what we see in this part of the world, where there's a strong willingness to move ahead, and there is speed in decision making.”