Image: ADNOC
The Abu Dhabi National Oil Company (ADNOC) announced on Wednesday its intention to transfer its 24.9% stake in Austria’s OMV to its fully owned international investment division, XRG, as part of a strategy to enhance its global investment portfolio.
This transfer, which is contingent on receiving regulatory approvals, aligns with ADNOC’s broader initiative to streamline its overseas investments under XRG.
ADNOC reiterated its commitment to OMV, emphasizing that the enduring partnership will persist through XRG, and conveyed its support for OMV’s future development and achievements.
ADNOC’s Progress in Establishing Borouge Group International
In a related update, ADNOC revealed that it is making progress towards creating Borouge Group International, a prospective polyolefins leader anticipated to be among the top four globally in its industry.
Following the completion of the transaction, ADNOC’s expected 46.94% interest in the new entity is also likely to be managed by XRG, pending necessary regulatory approvals.
This announcement highlights ADNOC’s ongoing commitment to refining its investment framework and pursuing international growth through dedicated entities like XRG.