UAE, Austria energy ties grow as ADNOC expands OMV partnership
ADNOC’s OMV partnership and Borouge deal were central to the discussions
Abu Dhabi: Austria’s Chancellor Christian Stocker visited the headquarters of ADNOC in Abu Dhabi during his official trip to the UAE, as both countries strengthened their cooperation in energy, fuels and industrial sectors.
The visit came after Stocker toured the Make it in the Emirates platform, where he met Dr Sultan bin Ahmed Al Jaber, UAE Minister of Industry and Advanced Technology, ADNOC Managing Director and Group CEO, Chairman of Masdar and Executive Chairman of XRG.
Discussions took place against the backdrop of a major petrochemicals transaction involving Austria’s OMV and XRG, ADNOC’s international investment arm.
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The two companies recently completed transactions to form Borouge International through the combination of Borouge and Borealis, alongside the acquisition of NOVA Chemicals. The deal creates a new global polyolefins producer, expanding the UAE’s reach in the chemicals sector.
Austria remains one of ADNOC’s key European partners through its long-standing ties with OMV. According to the statement, ADNOC has invested $9 billion (Dh33 billion) in Austria’s energy, fuels and chemicals industries over the past 25 years.
The investments have supported around 25,000 jobs in Austria, the statement added.
ADNOC currently owns a 24.9 per cent stake in OMV. The shareholding is expected to be transferred to XRG, subject to regulatory and corporate approvals.
