Abu Dhabi National Oil Company (Adnoc) has officially completed its acquisition of a 24.9 percent stake in OMV AG, a prominent energy and chemicals group based in Vienna, Austria. This strategic move, resulting from a deal with Mubadala Investment Company (Mubadala), marks a significant advancement in Adnoc’s global chemicals growth strategy and reinforces its status as a growth-oriented and responsible investor. The financial terms of the transaction have not been disclosed.
The successful conclusion of this transaction not only brings Adnoc a substantial share in OMV but also increases its holdings in Borealis AG (Borealis) and Borouge plc (Borouge). This expanded stake in these entities bolsters Adnoc’s presence in the global chemicals sector. It promises enhanced synergies and substantial growth opportunities, particularly in Borouge, aligning with Adnoc’s ambitious plans in the chemicals industry.
With this investment, Adnoc is set to nominate two representatives to the OMV Supervisory Board, adhering to the governance processes of OMV. Khaled Salmeen, Executive Director of Downstream Industry, Marketing & Trading at Adnoc, commented on the acquisition, noting the shared history and strategic partnership between Adnoc and OMV. He emphasized that the investment would unlock further value and growth opportunities for both entities. Salmeen highlighted the move as a transformative step in Adnoc’s chemicals growth strategy, opening avenues for growth and value creation for both Adnoc and OMV, as well as their shareholders.
This acquisition signifies a notable milestone in Adnoc’s ongoing journey of international expansion and value creation. It further solidifies the strong relationship between the United Arab Emirates (UAE) and Austria, underlining Adnoc’s role as a key driver of responsible and sustainable investment. This move will generate substantial value for Abu Dhabi, the UAE, and their partners and shareholders.
In addition, Adnoc and OMV are engaged in ongoing discussions about potentially forming a new combined petrochemicals entity. This would involve merging their respective shareholdings in Borouge and Borealis, a move that could further enhance their collaboration and impact in the global petrochemicals market.
