ADNOC bolsters chemicals growth strategy with OMV acquisition
Photo courtesy of OMV

ADNOC bolsters chemicals growth strategy with OMV acquisition

Abu Dhabi National Oil Company (ADNOC) announced that it will acquire a 24.9% shareholding in OMV, the international, integrated oil, gas and chemicals company headquartered in Vienna, Austria, from Mubadala Investment Company. 

Through this investment in OMV, which holds a 75% 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 Mubadalaโ€™s long-term investment strategy.

Financial details of the transaction were not disclosed. Completion of the transaction is subject to certain closing conditions and regulatory approvals.

โ€œBuilding 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% stake in OMV. 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. This milestone transaction, alongside our 25% shareholding in Borealis, is 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,โ€ said UAE Minister of Industry and Advanced Technology and ADNOC Managing Director and Group CEO Dr. Sultan Al Jaber.

โ€œMubadala 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,โ€ said Mubadala Managing Director and Group CEO Khaldoon Khalifa Al Mubarak.

โ€œ2022 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.โ€