ADNOC acquires a 24.9% stake in the Austrian OMV

The strategic investment in “OMV” increases ADNOC’s stakes in “Borealis” and “Borouge” and accelerates the implementation of its strategy to expand globally in the field of chemicals.

The acquisition provides more opportunities for growth and benefit from the integration of expertise, capabilities and capabilities across ADNOC’s business portfolio in the field of chemicals and contributes to creating additional value, especially in Borouge.

The deal is in line with ADNOC’s ambitious international growth strategy and Mubadala’s long-term investment strategy.

The deal contributes to strengthening the close bilateral relations between the UAE and Austria.

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Abu Dhabi on December 21

The Abu Dhabi National Oil Company (ADNOC) and Mubadala Investment Company (Mubadala), the sovereign investment company in Abu Dhabi, today announced a deal whereby ADNOC will acquire Mubadala’s 24.9% stake in OMVAG, the global group. Energy and chemicals listed on the financial markets and headquartered in Vienna, and the financial details of the deal were not disclosed.

Upon completion of the transaction, after fulfilling the usual terms and conditions and obtaining the approvals of all relevant regulatory bodies, OMV will be a 24.9% owned company by ADNOC and 31.5% by OBAG, an independent Austrian holding company. Noting that the rest of the ownership shares are listed in the financial markets.

By investing in OMV, which owns 75% of the shares of Borealis, ADNOC will increase its stakes in both Borealis and Borouge, strengthening its position in the field of chemicals, creating opportunities for growth and benefiting from the integration of Experiences, capabilities and capabilities across its business portfolio in this field, especially in Borouge.

This investment is a major step in ADNOC’s efforts to accelerate the implementation of its ambitious strategy to grow its chemicals business locally and internationally, and is also in line with Mubadala’s long-term investment strategy.

His Excellency Dr. Sultan bin Ahmed Al Jaber, Minister of Industry and Advanced Technology, Managing Director and CEO of Abu Dhabi National Oil Company “ADNOC” and its group of companies – on this occasion – said: “In line with the directives of the leadership, ADNOC continues to focus on developing and expanding its business and preparing it to keep pace with the future in order to achieve The maximum possible value to serve the national economy. Based on the well-established bilateral relations between the UAE and the friendly Republic of Austria, and our long-term partnership with OMV, we are pleased with ADNOC’s acquisition of a 24.9% stake in OMV.”

He added: “As we continue to keep pace with the growing global demand for low-emission energy, we are focused on accelerating the implementation of our sustainable growth strategy and expanding the presence of ADNOC in key strategic markets and sectors. This important transaction and our 25% stake in Borealis confirms our focus on investing in Building an integrated platform in the field of chemicals to accelerate the implementation of our ambitious strategy, which will provide significant growth opportunities within our business portfolio in this field, with a special focus on creating distinctive additional value for Borouge and its shareholders.

This deal is an important step in ADNOC’s ongoing efforts and approach to strategic growth and investment, and it also enhances the company’s role as a catalyst for responsible and sustainable investment and value creation for the UAE and Abu Dhabi.

For his part, His Excellency Khaldoon Khalifa Al Mubarak, Managing Director and CEO of Mubadala Group, said: “Mubadala enjoys a long-term relationship with our Austrian partners, with whom we worked to develop OMV as a leading company in the energy sector. This deal comes in line with the strategy of “We have worked to sell a number of assets at the right value and at the right time. The year 2022 has witnessed an increase in Mubadala’s strategic investment activity in various key business sectors and around the world. We will continue to partner with the best leading entities and institutions, while diversifying our investment base and expanding our scope of growth.”

It is noteworthy that this deal is based on the close relations between the UAE and the Republic of Austria, and will contribute to creating long-term value for ADNOC, Mubadala and OMV.