Abu Dhabi National Oil Company (ADNOC) has announced its intention to transfer its 24.9 percent shareholding in OMV AG (OMV) to XRG PJSC (XRG), its wholly-owned international investment company.
The transfer, which remains subject to regulatory approvals, marks a strategic move by ADNOC to streamline its international growth investments. The company plans to consolidate these assets under its newly established entity, XRG, as part of a broader effort to enhance global expansion and operational efficiency.
According to the statement, Abu Dhabi National Oil Company is also progressing with preparations for the proposed establishment of the Borouge Group International, which is set to become a top-four global polyolefins producer.
The proposed 46.94 percent shareholding in the new entity is expected to be held by XRG upon completion of the transaction, subject to regulatory approvals.
ADNOC has reaffirmed its commitment to its long-standing partnership with OMV through XRG, underscoring its continued support for the company’s growth and long-term success.
Earlier this year, ADNOCsigned a strategic partnership agreement with Tubacex, a global leader in advanced tubular solutions, to localize critical oilfield technology.
The agreement grants Abu Dhabi National Oil Company perpetual and exclusive rights to utilize Tubacex’s Sentinel Prime premium tubular joint connection technology, which is critical for completing oil and gas wells while reducing costs and ensuring supply chain resilience.
ADNOC
ADNOC is a leading diversified energy and petrochemicals group wholly owned by the Emirate of Abu Dhabi. Its objective is to maximize the value of the Emirate’s vast hydrocarbon reserves through responsible and sustainable exploration and production, thereby supporting the United Arab Emirates’ economic growth and diversification.
