Abu Dhabi National Oil Company (ADNOC) announced on February 29, 2024 that it has formally closed the acquisition of a 24.9% shareholding in OMV AG (OMV), a global energy and chemicals group, headquartered and listed in Vienna, Austria, from Mubadala Investment Company (Mubadala). The transaction accelerates delivery of ADNOC’s global chemicals growth strategy, and reinforces its status as a responsible, long-term partner and growth-oriented investor.
Through this strategic investment in OMV, ADNOC has increased its shareholdings in both Borealis AG (Borealis) and Borouge plc (Borouge), further bolstering its footprint in the chemicals sector, enabling synergies and unlocking significant growth opportunities across its broader chemicals portfolio, in particular at Borouge. Borouge is a joint venture between ADNOC and OMV that produces high-value petrochemicals from natural gas.
ADNOC and OMV share a long-standing strategic partnership that dates back to 2013, when they signed an agreement to jointly explore the Eastern onshore region of Abu Dhabi. In Exploration & Production, OMV has strategic partnership agreements with ADNOC, participating in two Abu Dhabi offshore concessions, with a 20% stake in SARB & Umm Lulu and a 5% stake in Ghasha comprising the Ghasha mega project.
This transaction represents the latest milestone in ADNOC’s ongoing value creation and international growth journey. Further cementing the strong ties between the United Arab Emirates (UAE) and Austria, the transaction reinforces ADNOC’s role as a primary catalyst for responsible, sustainable investment and value creation for Abu Dhabi, the UAE and its shareholders and partners. ADNOC and OMV also continue to be engaged in open-ended negotiations about the potential creation of a new combined petrochemicals holding entity, through the proposed merger of their respective existing shareholdings in Borouge and Borealis.
