Sector News

ADNOC to buy nearly 25% stake in OMV from Mubadala

January 8, 2023
Energy & Chemical Value Chain

Abu Dhabi National Oil Company (ADNOC) has agreed to acquire a 24.9% stake in Austrian energy and chemicals company OMV from Mubadala Investment Company (Mubadala).

Financial terms of the deal were undisclosed.

The transaction is part of ADNOC’s strategy to accelerate its domestic and international chemicals growth strategy.

The deal would raise ADNOC’s holding in European petrochemicals maker Borealis and petrochemicals company Borouge.

State-owned Austrian holding company Osterreichische Beteiligungs Ag (OBAG), which owns a 31.5% stake in OMV, said the transaction will make ADNOC a long-term strategic partner in all areas of OMV’s business.

UAE Minister of Industry and Advanced Technology and ADNOC managing director and group CEO said: “As we continue to meet the growing global demand for lower carbon energy, we are fast-tracking the delivery of our growth strategy and expanding our footprint across key strategic markets and sectors.

“This milestone transaction, alongside our 25% shareholding in Borealis, is testament to our focused investment in building an integrated chemicals platform to accelerate our ambitious growth strategy that will unlock significant growth opportunities across our broader chemicals portfolio, with a particular focus on creating distinctive value for Borouge and its shareholders.”

The deal is subject to certain closing conditions and regulatory approvals.

Mubadala managing director and group CEO Khaldoon Khalifa Al Mubarak said the transaction complies with its strategy to monetise assets at the right valuation and at the right time.

Mubarak added: “2022 has been a year of increased activity and strategic investment across Mubadala, in sectors and geographies all over the world. We will continue to partner with best-in-class entities as we diversify our investment base and expand our growth trajectory.”


comments closed

Related News

June 8, 2024

Borealis equips Belgium site with demonstration compounding line for recyclate-based polyolefins

Energy & Chemical Value Chain

Borealis has installed a semi-commercial demonstration compounding line for recyclate-based polyolefins (rPO) at its site in Beringen, Belgium. It is set for construction this year and is expected to be fully operational in the first half of 2025.

June 8, 2024

Christine Grosse Lembeck to lead BASF’s Battery Recycling business

Energy & Chemical Value Chain

Christine Grosse Lembeck has been appointed to lead BASF’s global Battery Recycling business. In her new role, she will be in charge to further grow BASF’s comprehensive solutions along the battery recycling value chain for battery producers, battery cell manufacturers and OEMs. The business is an integral part of BASF Battery Materials.

June 8, 2024

Carbios equips L’Occitane en Provence with enzymatically recycled shower oil bottle

Energy & Chemical Value Chain

L’Occitane en Provence’s Amande shower oil has been outfitted with a bottle based on transparent PET made entirely from enzymatic recycling. The launch comes in collaboration with enzymatic recycler Carbios and packaging provider Pinard Beauty Pack, aligning with the industry’s transition to a circular plastic economy.

How can we help you?

We're easy to reach