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.
You May Interested In
Glow70/KLOW80 99% China Peptides Warehouse Direct Delivery Lyophilized Powder in Stock
$169/UNIT FOB
2026-10-24
Trade Alert
Delivering the latest product trends and industry news straight to your inbox.
(We'll never share your email address with a third-party.)
Related News
-
COSMAX Acquires 51% Stake in Keminova, Establishes First European Production Base
-
Can the Manufacturing Sector Withstand Dow’s April Polyethylene Price Doubling?
-
Merck to Lay Off 150 Workers at US Gardasil Plant Amid Sales Weakness
-
BASF Launches Global Expansion Plan for Aroma Ingredients
-
BASF Launches Global Expansion Plan for Aroma Ingredients
-
Shell Polymers Explosion Caused About $95 Million in Damage, U.S. CSB Finds
-
Wanhua Chemical Establishes a RMB 1.488 Billion New Energy Materials Company in Weifang, Further Integrating Green Power and Battery Materials Businesses
-
Indorama Secures RMB 2.4 Billion Loan to Expand Urea Capacity in Anyang
-
Supply Chain Resilience Reshapes Chemical Competition: What Lies Behind BASF’s Stable Outlook
-
Beiersdorf Launches Eucerin Skincare Brand in Japan
Recommend Reading
-
![An Explosion Has Occurred in the Jubail Industrial City, Putting 6–8% of Global Petrochemical Production Capacity at Risk]()
An Explosion Has Occurred in the Jubail Industrial City, Putting 6–8% of Global Petrochemical Production Capacity at Risk
-
![AstraZeneca’s Wainua Fails Phase III Heart Trial, Wiping Out About $27 Billion in Market Value]()
AstraZeneca’s Wainua Fails Phase III Heart Trial, Wiping Out About $27 Billion in Market Value
-
![Three-Phase Plan for 120,000 Tons! “TPU King” Zhuhai Makes Its Move—Covestro’s New Plant Signals Not Just Capacity Expansion but a Full-Scale Upgrade in the Asia-Pacific Market Battle]()
Three-Phase Plan for 120,000 Tons! “TPU King” Zhuhai Makes Its Move—Covestro’s New Plant Signals Not Just Capacity Expansion but a Full-Scale Upgrade in the Asia-Pacific Market Battle
-
![Houthis Claim Strikes on Two Saudi Aramco Facilities as Missile and Drone Attacks Hit Saudi Airports]()
Houthis Claim Strikes on Two Saudi Aramco Facilities as Missile and Drone Attacks Hit Saudi Airports
-
![Trump Places Glyphosate Under the Defense Production Act, Turning Bayer from a Corporation into a “National Asset”]()
Trump Places Glyphosate Under the Defense Production Act, Turning Bayer from a Corporation into a “National Asset”
-
![July MTBE market price increase in China is significant]()
July MTBE market price increase in China is significant
-
![South Korea Expands Mandatory GMO Labeling to Highly Processed Foods]()
South Korea Expands Mandatory GMO Labeling to Highly Processed Foods
-
![Business Society’s Ethanol Market Outlook on September 3, 2026: Clearly Upward Trend]()
Business Society’s Ethanol Market Outlook on September 3, 2026: Clearly Upward Trend
-
![Business Society Petroleum Coke Daily Review: Overall Downward Trend on August 7, 2026]()
Business Society Petroleum Coke Daily Review: Overall Downward Trend on August 7, 2026
-
![Bayer and Syngenta Score Consecutive Regulatory and Legal Wins in the U.S.]()
Bayer and Syngenta Score Consecutive Regulatory and Legal Wins in the U.S.
