RIYADH: State-owned Abu Dhabi National Oil Co. and Austria’s chemical producer Borealis are targeting a $2 billion initial public offering of their plastics joint venture. The parties plan to float 10 percent of their plastics unit, Borouge, by the end of this quarter, Bloomberg reported, citing unnamed sources. The initial share sale could value Borouge at $20 billion, the sources added. Adnoc declined to comment to Bloomberg on the news, but a spokesperson from Borealis said the companies are weighing options for Borouge, including an IPO. Geopolitical unrest and rising inflation may have weighed on markets globally, but the Gulf continues to buck the trend with strong investor demand and double-digit returns on most IPOs. Most recently, Dubai Electricity and Water Authority raised $6.1 billion from the world’s second-biggest initial share sale this year, after LG Energy Solution.