Skip to content Skip to Search
Skip navigation

Adnoc buys 25% of Austrian chemical group OMV

Sultan Al Jaber, Adnoc group chief executive Wam
Sultan Al Jaber, Adnoc group chief executive

Abu Dhabi state oil company Adnoc has formally closed the acquisition of a 25 percent stake in Austrian energy and chemicals group OMV.

The energy giant bought the stake from UAE sovereign wealth fund Mubadala Investment Company. 

Financial details were not disclosed.

Österreichische Beteiligungs AG, an Austrian independent holding company, holds 31 percent in OMV, with the remaining share capital in free float. 

The deal means Adnoc has increased its stake in both Borealis and Borouge. 

Borouge is listed on the Abu Dhabi Securities Exchange. 

Adnoc owned 54 percent and Borealis 36 percent before yesterday’s announcement. Retail and institutional investors hold ten percent.

Borealis was owned 75 percent by OMV, and Adnoc had the remaining 25 percent.

“Building on our 25 percent shareholding in Borealis, this transaction marks the next transformative step as we accelerate our ambitious chemicals growth strategy, unlocking significant growth and value creation opportunities for Adnoc, OMV, and their respective shareholders,” Khaled Salmeen, Adnoc’s downstream industry, marketing & trading executive director said.

Adnoc has started pushing deeper into petrochemicals as a part of a $150 billion expansion strategy and to diversify its revenues.

This week’s deal may lead to combining Adnoc-controlled Borouge with OMV-controlled Borealis in a new petrochemical holding entity worth more than $30 million.

Adnoc began negotiations about the potential creation of the new holding last July.

Latest articles

Flooding in Dubai affected many people's homes. Emaar has promised .free repairs for its residents, and an upgraded sewerage system is planned

Emaar promises free repairs as Dubai launches sewerage system

Emaar Properties is offering free repairs to residents whose homes were damaged during this week’s extreme flooding, as Dubai also announced an AED80 billion ($22 billion) sewerage system. The developer announced on Friday that it would repair all homes in its communities affected by the historic levels of rain, “at no cost to residents”. Emaar’s […]

A customer paying with a credit card inside the Black Friday Market in Beirut. Lebanon wants more people to move away from cash

Lebanon launches plan to promote use of bank cards

Lebanese central bank Banque du Liban announced a new agreement on Thursday that it hopes will result in a rebound in the use of bank cards. As part of the agreement, Mastercard and Visa will lower card fees on transactions, particularly for people with bank accounts based outside Lebanon. In a press release, the bank […]

Construction work in Kuwait. Nurseries, schools and shops are being built for the new residential district of Al Metlaa

Kuwait signs $140m contracts for Al Metlaa development

Kuwait’s Public Authority for Housing Welfare (PAHW) has signed two contracts worth KD42 million ($140 million) to construct public buildings in Al Metlaa, a new residential district north of Kuwait City. Nurseries, stores, schools and shops will be included, state news agency Kuna reported. Electricity connections have been provided for 109 buildings in the district, […]

Workers at Cano Limon oil field in eastern Colombia. Oil is one of the country's largest exports

UAE strikes Colombia deal to strengthen Latin American links

The UAE has strengthened trade relations with Latin America after signing a comprehensive economic partnership agreement with Colombia, just days after a Cepa deal was struck with Costa Rica. Officials from the UAE and Colombia put pen to paper on an agreement that will cut tariffs and remove trade barriers between the two countries. UAE […]