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 United Arab Emirates sovereign wealth fund Mubadala. The deal was announced in December 2022, but its financial details were not disclosed.

In accordance with OMV's governance process, ADNOC plans to nominate two representatives to OMV's Supervisory Board.

The transaction is hailed as the latest milestone in ADNOC's strategic growth and investment journey, strengthening its role as a major catalyst for sustainable investment and value creation in Abu Dhabi and the UAE. ADNOC has increased its shareholding in Vienna-based olefins and polyolefins producer Borealis and the two companies' joint venture Borouge.

Khaled Salmeen, Executive Director of Downstream Industry, Marketing and Trading at ADNOC, commented: "ADNOC is proud to be a shareholder of OMV, a leading international energy and chemicals company with which we have a long-term 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 said they were still in open talks on the possibility of forming a new United Petrochemicals Holding Company through a proposed merger of their respective interests in Borouge and Borealis.