ADNOC to buy 25% stake in Austria's OMV
State-owned Abu Dhabi National Oil Company (ADNOC) will acquire Mubadala Investment Company’s 24.9% stake in Vienna-based energy company OMV, ADNOC said on December 21 without disclosing any financial details.
ADNOC shareholdings in European petrochemical maker Borealis and Abu Dhabi-based Borouge will increase through OMV investment. Austrian state-owned holding firm Osterreichische Beteiligungs owns a 31.5% stake in OMV.
“The transaction marks the next major milestone for ADNOC as it accelerates its ambitious domestic and international chemicals growth strategy and also aligns with Mubadala’s long-term investment strategy,” the company said.
ADNOC earlier this year agreed to acquire a 25% stake from Mubadala in Borealis, which is 75% owned by OMV. ADNOC and Borealis raised more than $2bn from an initial public offering of Borouge in May.
Last month, the company announced it plans to spend $150bn between 2023-2027 to boost oil and gas production. ADNOC will also set up ADNOC Gas, a new gas processing and marketing company, effective January 2023. The company will combine the operations, maintenance and marketing of ADNOC Gas Processing and ADNOC LNG into one consolidated entity.