ADNOC Transfers 24.9 Percent OMV Stake to XRG Eyes Borouge Group International Expansion After $16.6 Billion Covestro Deal

On July 16, Abu Dhabi National Oil Company (ADNOC) announced plans to transfer its 24.9% stake in Austria’s OMV AG to its wholly owned investment arm, XRG PJSC. The move, subject to regulatory approval, aligns with ADNOC’s strategy to consolidate international growth assets under XRG.

ADNOC is also preparing to launch Borouge Group International, positioning it among the world’s top four polyolefin producers. Following the OMV stake transfer, XRG is expected to hold a 46.94% share in the new entity, pending regulatory clearance.

The company reiterated its commitment to maintaining a long-term partnership with OMV via XRG and supporting its ongoing growth.

In a related milestone, ADNOC’s $16.6 billion acquisition of Covestro received unconditional EU antitrust approval in May. Once finalized, XRG will become Covestro’s largest shareholder, strengthening ADNOC’s global presence in plastics and chemicals for automotive, construction, and engineering sectors.