In a strategic move, the Abu Dhabi National Oil Company (ADNOC) has finalized the acquisition of a 24.9% stake in the Austrian oil and gas group OMV from the Abu Dhabi sovereign wealth fund Mubadala Investment Company. While the financial details remain undisclosed, ADNOC stated that the acquisition aligns with its global chemicals growth strategy, marking a significant step in its expansion plans.
“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,” ADNOC stated in a press release. This acquisition not only strengthens ADNOC’s position as a key player in the oil and gas industry but also enhances its commitment to sustainable growth.
Through this acquisition, ADNOC has also increased its shareholdings in both the petrochemicals group Borealis and the Abu Dhabi-listed Borouge, although specific ownership ratios were not disclosed. This move is in line with ADNOC’s strategy to consolidate its position in the petrochemicals sector and explore new avenues for growth and collaboration.
Last July, ADNOC initiated talks to merge the petrochemicals group Borealis, which is jointly owned by OMV and ADNOC, with the Abu Dhabi-listed Borouge, owned by ADNOC and Borealis. This merger, if successful, could further strengthen ADNOC’s presence in the global petrochemicals market and drive synergies between the two entities.
ADNOC’s acquisition of the OMV stake underscores its commitment to strategic investments that enhance its capabilities and contribute to the growth of the oil and gas industry. With a clear focus on sustainability and responsible growth, ADNOC continues to position itself as a leading player in the global energy landscape.
(Source: Nasdaq | World Oil | Oilfield Technology)
