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State oil giant Abu Dhabi National Oil Company (ADNOC) has confirmed it will acquire a 24.9% stake in Austria-based global energy and chemicals group OMV AG (OMV) from Mubadala Investment Company (Mubadala).
The transaction will increase ADNOC’s shareholdings in both Borealis and Borouge, thereby expanding the company’s footprint in the chemicals sector, according to a statement on Wednesday.
OMV holds a 75% stake in Borealis.
The transaction is in line with ADNOC’s strategy to grow its business globally. It also aligns with Mubadala’s long-term investment strategy, the statement said.
“The transaction marks the next major milestone for ADNOC as it accelerates its ambitious domestic and international chemicals growth strategy and also aligns with Mubadala’s long-term investment strategy,” the statement said.
“As we continue to meet the growing global demand for lower carbon energy, we are fast-tracking the delivery of our growth strategy and expanding our footprint across key strategic markets and sectors,” added Sultan Al Jaber, UAE Minister of Industry and Advanced Technology and ADNOC Managing Director and Group CEO.
The transaction is still subject to certain closing conditions and regulatory approvals.
(Reporting by Cleofe Maceda; editing by Mily Chakrabarty)
