ADNOC Takes Over Mubadala Stake in Borealis
Abu Dhabi National Oil Co (ADNOC) is taking over Mubadala’s holding in Borealis for an undisclosed sum. Once the transaction, which is subject to the usual conditions and regulatory approvals, is finalized, Borealis will be owned 25% by ADNOC and 75% by Austrian oil, gas and petrochemicals group OMV.
Commenting on the investment, ADNOC said it extends the company’s international footprint in the fast-growing chemicals and petrochemicals sector, unlocking new opportunities where Borealis operates, particularly in Europe and the Americas.
“Globally, the chemicals and petrochemical sector is poised for significant consumer-led growth in the decades ahead,” said Sultan Al Jaber, Minister of Industry and Advanced Technology in the United Arab Emirates and ADNOC managing director and CEO.
“Alongside OMV, ADNOC will be a co-shareholder in Borealis, with this investment giving further impetus to our local and international petrochemical and industrial growth program and accelerating our transformation into an integrated and global energy player,” he said.
The companies have been partners for more than two decades in their jointly owned polyolefins venture Borouge. In February, Bloomberg news agency reported that ADNOC and Borealis were lining up banks to arrange a potential listing of Borouge.
ADNOC has also embarked on a major expansion drive, including the recently announced Borouge 4 complex in Abu Dhabi and the Ta’ziz industrial chemicals zone in Ruwais.
Author: Elaine Burridge, Freelance Journalist
