(Bloomberg) -- Abu Dhabi National Oil Co. and Austria’s OMV AG are nearing a deal to create a petrochemical firm worth more than €30 billion ($33 billion), according to people with knowledge of the matter. 

An agreement to combine Abu Dhabi-listed Borouge Plc with Borealis AG could be announced as soon as Thursday, according to the people, who asked not to be identified because the agreement isn’t yet public.

A representative of OMV declined to comment. A spokesperson for Adnoc wasn’t immediately available to comment. 

OMV owns 75% of Borealis, with the remainder held by Adnoc, while Borouge is a partnership between Adnoc and Borealis. The proposal calls for OMV to inject about €1.7 billion of cash into the joint company to ensure its stake is equal to Adnoc’s, they said. 

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