Structure & Owners

Borealis is owned by the International Petroleum Investment Company of Abu Dhabi (64%) and by OMV Aktiengesellschaft, an integrated, international oil and gas company (36%).

H.E. Suhail Al Mazrouei, Managing Director of the International Petroleum Investment Company (IPIC) and Chairman of the Board of Aabar Investments, Chairman of the Borealis Supervisory Board.

Rainer Seele, Chairman of the Executive Board and CEO of OMV, Vice Chairman of the Borealis Supervisory Board.


Company Backgrounders

The International Petroleum Investment Company (IPIC)

IPIC was founded in 1984 by the late Sheikh Zayed bin Sultan Al Nahyan and is fully owned by the Government of the Emirate of Abu Dhabi. The company was established to advance the vision of using Abu Dhabi's natural petroleum wealth to build a modern, diversified income of streams and assets to encourage a highly-skilled workforce, and ultimately cultivate a sustainable economy for future generations. With consolidated assets worth over USD 57 billion, IPIC has played an integral role in this vision, and now manages a portfolio of international investments in more than 18 leading companies across 30 countries.

In June 2016, His Highness Sheikh Mohamed bin Zayed, Crown Prince of Abu Dhabi, Deputy Supreme Commander of the UAE Armed Forces and Chairman of the Abu Dhabi Executive Council, issued a resolution to merge IPIC and Mubadala, to create a USD 125 billion investment powerhouse. The new entity named Mubadala Investment Company, effective May 2017, will support the UAE's vision for economic diversification and realise synergies and growth in multiple sectors including the energy and utilities sector, technology, aerospace, industry, health care, real estate and financial investments.

OMV Aktiengesellschaft

OMV is producing and marketing oil & gas, innovative energy and high-end petrochemical solutions – in a responsible way. With Group sales of EUR 19 billion and a workforce of around 22,500 employees in 2016, OMV Aktiengesellschaft is one of Austria's largest listed industrial companies. In Upstream, OMV has a strong base in Romania and Austria and a balanced international portfolio. 2016 daily production stood at approximately 315,000 barrel of oil equivalent (boe/d). In Downstream, OMV has an annual refining capacity of 17.8 million tonnes and approximately 3,800 filling stations in 10 countries (including Turkey) as of end of 2016. OMV operates a gas pipeline network in Austria and gas storage facilities in Austria and Germany. In 2016, gas sales volumes amounted to 110 terawatt-hours (TWh).

Executive Board

Diversity is highly valued at Borealis and is essential to the company's success

The people driving Borealis to success represent a rich mixture of backgrounds, cultures, skills and competencies. The company employs more than 6,500 well-educated professionals from over 30 nations and, including its joint ventures, operates in over a dozen countries. Diversity is also reflected in the international nature of Borealis' owners and in the backgrounds of its Executive Board.

Executive Board Members:

Mark Garrett
Chief Executive (CEO)

Mark Garrett was appointed Borealis CEO and Chairman of the Executive Board in 2007. In 2014, he has renewed his contract until 2019.

He has enjoyed a long career in the chemical industry starting with Ciba-Geigy, then DuPont and finally Ciba Speciality Chemicals where he was Executive Vice President Water and Paper Treatment and a member of the Executive Committee before joining Borealis.

Mark Garrett holds a Bachelor of Arts degree in economics from the University of Melbourne in Australia and a Graduate Diploma of Applied Information Systems from the Royal Melbourne Institute of Technology.

He was born in Melbourne in 1962, but has Australian and Swiss dual nationality. He currently lives in Vienna, Austria, and Basel, Switzerland, is married and has three children.

Mark Garrett is also a member of the Board of Directors / Supervisory Board of Abu Dhabi Polymers Company Ltd. (Borouge ADP), NOVA Chemicals, Umicore, Axalta, and Webster University (Vienna, Austria).


Mark Tonkens
Chief Financial Officer (CFO)

Mark J. S. Tonkens joined Borealis in 2009, and since November 2014 held the position as CFO. Before that he held the position of Senior Vice President Group Controlling. He has a Master of Science (MSc) degree in Business Economics and a post graduate Chartered Accountant (Register accountant) degree from the University of Groningen in the Netherlands. Before joining Borealis he fulfilled a number of senior management roles in the Royal Philips group as CFO and Senior Vice President of various major global Business Units or Country Organisations located from the Netherlands and Greece in Europe to Taiwan and Hong Kong in Asia.

Mark Tonkens is a Dutch citizen, married, has three children and lives in Vienna, Austria.


Markku Korvenranta
Executive Vice President Base Chemicals

Markku Tapani Korvenranta was appointed as Executive Vice President for Base Chemicals and member of the Borealis Executive Board in October 2010.

He started his career with Neste in Finland in 1990. When Neste and Statoil merged their petrochemical and polyolefins activities in 1994, Markku Korvenranta was appointed Financial Controller of the newly formed Borealis in Denmark.

Since then, he held several management positions at Borealis, including Site Controller, Group Treasury Risk Manager and Director Tax & Treasury. In 2005, he took over the position of Vice President Business Planning & Analysis.

In 2007 Markku Korvenranta moved to the Base Chemicals Business Group as Vice President for phenol and aromatics. In his most recent position at Borealis, he was Senior Vice President Olefins & Sourcing.

Markku Korvenranta holds a Master of Science in Industrial Economics.

He was born in Finland in 1966. He is married and father of three children.


Alfred Stern
Executive Vice President Polyolefins and Innovation & Technology

Alfred Stern was appointed Borealis Executive Vice President Polyolefins in July 2012.

Alfred Stern joined Borealis as Senior Vice President Innovation & Technology in 2008, coming from E.I. Du Pont de Nemours where he held several leadership positions in the areas of research and development, sales and marketing, and quality and business management in Switzerland, Germany and the United States. In his last assignment, he was Global Business Manager of a business unit in Engineering Polymers in the United States.

He holds a PhD in material science and a Master's Degree in polymer engineering and science, both from the University of Leoben in Austria.

Alfred Stern has been awarded, among others, the H.F. Mark Medal, the DuPont Award for a new product patent and a Prize of Honour from the Austrian Ministry of Science and Research.

An Austrian citizen, he is married and has two children.


Martijn van Koten
Executive Vice President Operations

Martijn van Koten was appointed Executive Vice President Operations in November 2013.

He joined Borealis after a distinguished and varied career of more than 19 years at Shell, which has given him broad experience covering the disciplines of Manufacturing, Technical Service, R&D and Strategic Development. As a member of Shell's Global Manufacturing leadership team in his most recent role as Vice President Manufacturing East, based in Singapore, he represented Asia and the Middle East in the Global Manufacturing organisation and was responsible for Shell's refineries, petrochemical plants and manufacturing joint ventures in the region. Prior to this assignment he fulfilled various roles ranging from Production Unit Manager, Project Manager and two times Site General Manager across several locations in The Netherlands, Germany, UK, Russia, Sweden and Singapore.

Martijn van Koten has a Masters (Ir) degree in Chemical Technology from Delft University of Technology, The Netherlands.

A Dutch citizen, he is married and has two children.