ADNOC to Transfer 24.9% of OMV to XRG

Abu Dhabi National Oil Company (ADNOC) has announced its intention to transfer its 24.9% stake in OMV AG (OMV) to XRG, its wholly owned international investment company.

The transfer, which is subject to regulatory approval, is in line with ADNOC’s strategy to consolidate its international growth investments under XRG.

Preparations are also progressing for the proposed formation of ADNOC’s Borouge Group International, which is expected to be among the top four global polyolefins producers. Upon completion of the transaction, ADNOC’s proposed 46.94% stake in the new company is expected to be held by XRG, subject to regulatory approval.

ADNOC remains committed to its long-term partnership with OMV through XRG and reiterates its support for the company’s continued growth and success.