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Adnoc Completes Acquisition of 24.9% Stake in OMV, Accelerates Global Chemicals Expansion

Adnoc Signs Second Long-Term Heads of Agreement for Ruwais LNG Project

Abu Dhabi National Oil Company (Adnoc) has finalized the acquisition of a 24.9% shareholding in OMV AG, a leading global energy and chemicals group based in Vienna, Austria. This strategic move, completed from Mubadala Investment Company, marks a significant milestone in Adnoc’s expansion strategy in the chemicals sector.

The acquisition underscores Adnoc’s commitment to sustainable growth and long-term partnerships. It strengthens Adnoc’s position as a key player in the global energy landscape while advancing its chemicals growth strategy. Financial specifics of the transaction remain undisclosed.

Following the successful acquisition, Adnoc now holds a substantial stake in OMV, with Österreichische Beteiligungs AG (ÖBAG) retaining 31.5% ownership and the remainder held by public shareholders. This partnership with OMV aligns with Adnoc’s vision of unlocking synergies and growth opportunities across its chemicals portfolio, particularly with its subsidiaries Borealis AG and Borouge plc.

In addition to the acquisition, Adnoc intends to nominate two representatives to the OMV Supervisory Board, further solidifying its presence and influence within the company’s governance structure.

Khaled Salmeen, Executive Director of Downstream Industry, Marketing & Trading at Adnoc, expressed pride in the collaboration with OMV, emphasizing the value created through joint ventures like Borouge. He highlighted the transaction as a transformative step towards achieving Adnoc’s ambitious chemicals growth strategy and unlocking significant value for both companies and their stakeholders.

This acquisition serves as a testament to Adnoc’s ongoing commitment to value creation and international growth. It reinforces the strong bilateral ties between the United Arab Emirates (UAE) and Austria, positioning Adnoc as a catalyst for responsible and sustainable investment in Abu Dhabi and the broader UAE.

Furthermore, Adnoc and OMV are engaged in discussions regarding the potential establishment of a combined petrochemicals holding entity. This proposed merger aims to consolidate their existing shareholdings in Borouge and Borealis, paving the way for enhanced collaboration and growth in the petrochemicals sector.

The completion of the acquisition marks a significant milestone in Adnoc’s journey towards becoming a leading player in the global chemicals market. Stay tuned for further updates on the potential merger discussions and the continued growth trajectory of Adnoc’s chemicals portfolio.

By expanding its footprint in the global chemicals sector through strategic acquisitions and partnerships, Adnoc is poised to drive innovation and sustainable growth in the energy industry, further solidifying its position as a key player in the global market.

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