Strategic investment delivers further synergies and unlocks significant growth opportunities across ADNOC’s chemicals portfolio Image Credit: Shutterstock

Dubai: Abu Dhabi National Oil Company ADNOC will acquire a 24.9 per cent shareholding in OMV from Mubadala, it said on Wednesday. Financial details of the transaction are not being disclosed.

Through this investment in OMV, who hold a 75 per cent stake in Borealis, ADNOC will increase its shareholdings in both Borealis and Borouge, bolstering its footprint in the chemicals sector. “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,” ADNOC said in a statement.

OMV is a global energy and chemicals group, headquartered and listed in Vienna, Austria.

“Building on the strong bilateral ties between the UAE and Austria, and our long-standing partnership with OMV, ADNOC is delighted to be acquiring a 24.9 per cent stake in OMV,” said Dr. Sultan Al Jaber, UAE Minister of Industry and Advanced Technology and ADNOC Managing Director and Group CEO. “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.”

Dr. Sultan Al Jaber

This milestone transaction, alongside our 25% shareholding in Borealis, is a testament to our focused investment in building an integrated chemicals platform to accelerate our ambitious growth strategy that will unlock significant growth opportunities across our broader chemicals portfolio, with a particular focus on creating distinctive value for Borouge and its shareholders.

This transaction represents the latest milestone in ADNOC’s strategic growth and investment journey and reinforces ADNOC’s role as a primary catalyst for responsible, sustainable investment and value creation for Abu Dhabi and the UAE.

Khaldoon Khalifa Al Mubarak, Managing Director and Group CEO, Mubadala, said: “Mubadala has had a longstanding relationship with our Austrian partners, and we have worked together to develop a champion in the energy sector, OMV. This transaction is reflective of our strategy to monetize assets at the right valuation and at the right time.

2022 has been a year of increased activity and strategic investment across Mubadala, in sectors and geographies all over the world. We will continue to partner with best-in-class entities as we diversify our investment base and expand our growth trajectory.

- Khaldoon Khalifa Al Mubarak

The transaction is subject to certain closing conditions and regulatory approvals,