Abu Dhabi National Oil Company (ADNOC), has revealed that it will acquire a 25 percent shareholding in Borealis, one of Europe’s leading petrochemical companies, from Mubadala Investment Company (Mubadala).
Upon completion of the transaction, which is subject to customary closing conditions and regulatory approvals, Borealis will be owned 25 percent by ADNOC and 75 percent by OMV, an Austrian multi-national integrated oil, gas and petrochemical company listed on the Vienna Stock Exchange.
The investment in Borealis strengthens ADNOC’s international footprint in the fast-growing chemicals and petrochemical sector, unlocking new opportunities in key markets where Borealis operates, particularly in Europe and the Americas.
This transaction marks another important milestone as ADNOC accelerates the delivery of its Downstream and Industrial growth program, further expanding the company’s long-standing partnership with Borealis.
Dr. Sultan bin Ahmed Al Jaber UAE Minister – Industry & Advanced Technology MD & Group CEO – ADNOC
“Globally, the chemicals and petrochemical sector is poised for significant consumer-led growth in the decades ahead. ADNOC is therefore delighted to be making this strategic investment for a 25 percent stake in Borealis, a world-leading petrochemicals company, with whom we have already collaborated in a close and trusted partnership over two decades through our jointly held Abu Dhabi-based polyolefins company Borouge. Alongside OMV, ADNOC will be a co-shareholder in Borealis, with this investment giving further impetus to our local and international petrochemical and industrial growth program and accelerating our transformation into an integrated and global energy player.”
ADNOC is well-positioned to capitalize on growth opportunities in the chemicals and petrochemical sector, building on its world-class refining and petrochemicals facilities in Al Ruwais Industrial City, Abu Dhabi. The Company has already embarked on a major expansion drive, including the recently announced Borouge 4 complex and the TA’ZIZ Industrial Chemicals Zone in Ruwais.
Mr. Khaldoon Khalifa Al Mubarak, Managing Director and Group CEO at Mubadala, said that “We have partnered with OMV and ADNOC for two decades to build Borealis into a global champion. Throughout this time, we have been proud of the company’s growth, innovation and continuing success in sustainability. Now the time is right for OMV and ADNOC to take this partnership to the next level capitalizing on synergies with the wider ADNOC portfolio.”
Thank you very much for choosing GCC Business News to be an important part of your professional life. You will receive a confirmation e-mail. Please check SPAM or UPDATES folder
