ADNOC transfers 24.9% OMV stake to its global investment vehicle XRG

Dubai: The UAE energy company ADNOC has transferred its 24.9% shareholding in global petrochemicals giant OMV to XRG, its fully-owned international investment company.

The stake transfer is 'aligned with ADNOC’s strategy to consolidate its international growth investments under XRG'.

ADNOC is also progressing on the creation of 'Borouge Group International', which was announced this year. The new entity will aim to be a 'Top 4 global polyolefins producer'.

ADNOC’s proposed 46.94% shareholding in the new entity is expected to be held by XRG on completion of the transaction.

"ADNOC remains committed to its longstanding partnership with OMV through XRG and reaffirms its support for the company’s continued growth and success," said a statement.

It was in February 2024 that ADNOC bought the 24.9% OMV stake from Abu Dhabi's Mubadala.

Then, in March this year, ADNOC and OMV, which is headquartered in Vienna, confirmed the creation of a $60 billion entity, Borouge Group International as its spearhead to be a top-tier petrochemicals player.

This will be structured through Borealis, part of the OMV interests.