ADNOC Completes Acquisition of 24.9% Stake in OMV
Abu Dhabi National Oil Company (ADNOC) has completed the acquisition of a 24.9% stake in Austrian energy group OMV from Mubadala, the sovereign wealth fund of the United Arab Emirates. Financial details of the transaction, which was announced in December 2022, were not disclosed.
In accordance with OMV's governance processes, ADNOC plans to nominate two representatives to the OMV Supervisory Board.
With the transaction that it called the latest milestone in its strategic growth and investment journey, reinforcing its role as a primary catalyst for sustainable investment and value creation for Abu Dhabi and the UAE state, ADNOC has increased its shareholding in Vienna-based olefins and polyolefins producer Borealis and the two companies’ joint venture Borouge.
Khaled Salmeen, ADNOC’s executive director, downstream industry, marketing & trading, commented: “ADNOC is proud to become a shareholder in OMV, a leading international energy and chemicals company, with whom we share a long-standing strategic partnership. Together, we have created significant value through our joint venture Borouge, and today’s investment will unlock further value and future growth opportunities for both companies.”
ADNOC and OMV also expressed that they remain in open-ended negotiations on the possible formation of a new joint petrochemicals holding company through the proposed merger of their respective interests in Borouge and Borealis.
