Borealis, Repsol YPF To Merge.

Borealis, Lyngby, Denmark, and Repsol YPF, Madrid, Spain, will merge at the beginning of next year. The unnamed company will consist of Repsol YPF's polyolefin assets in Puertollano, Tarragona and Madrid, Spain and Borealis' petrochemical site in Sines, Portugal. With an initial capacity of 1.2 million tonnes per year, it will be the largest polyolefin company on the Iberian Peninsula. Repsol YPF will have management responsibility for the new company, which will function as an independent entity with its own sales and marketing activities.Under the agreement, Borealis will retain propylene supplies from its Sines plant in order to provide a secure supply base for the company's downstream polypropylene operations in Western Europe