Abu Dhabi’s ADNOC acquires 25% stake in Austria’s OMV from Mubadala

Abu Dhabi’s ADNOC acquires 25% stake in Austria’s OMV from Mubadala

Dubai: Abu Dhabi National Oil Company ADNOC will acquire a 24.9 per cent shareholding in OMV from Mubadala, it said on Wednesday. Financial details of the transaction are not being disclosed. Through this investment in OMV, who hold a 75 per cent 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 Mubadala’s long-term investment strategy,” ADNOC said in a statement. OMV is a global energy and chemicals group, headquartered and listed in Vienna, Austria. “Building 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 per cent stake in OMV,” said Dr. Sultan Al Jaber, UAE Minister of Industry and Advanced Technology and ADNOC Managing Director and Group CEO. “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 transaction represents the latest milestone in ADNOC’s strategic growth