Business News

Borealis announces new Chairman of the Supervisory Board

Thursday 25. March 2010 - Borealis, a leading provider of chemical and innovative plastics solutions, announces the nomination of H.E. Khadem Al Qubaisi, Managing Director of the International Petroleum Investment Company (IPIC) and Chairman of the Board of Aabar Investments, as the new Chairman of the Borealis Supervisory Board, effective March 5, 2010.

He assumed the role from Gerhard Roiss, OMV Deputy Chairman, who will become Vice Chairman of the Supervisory Board. In accordance with the rotation principle agreed to by the shareholders in the shareholders agreement, IPIC has the right to nominate the Chairman of the Supervisory Board until 31 December 2011.

Additional Board members are David Davies, OMV Chief Financial Officer; Mohamed Al Mehairi, Investment Department Director of IPIC and Mohamed Al Khaja, Deputy Director of Research & Business Development of IPIC.