Adnoc's OMV Stake: Chemicals Expansion Accelerated

Accelerating Global Chemicals Expansion

 
In a significant move towards bolstering its global chemicals expansion strategy, Adnoc has officially concluded the acquisition of a 24.9% shareholding in OMV AG, a prominent energy and chemicals conglomerate based in Vienna, Austria. The transaction, facilitated by Mubadala Investment Company, underscores Adnoc's commitment to long-term growth and strategic partnerships in the energy sector.

This acquisition marks a pivotal moment for Adnoc, as it solidifies its position as a key player in the global chemicals industry. By acquiring a significant stake in OMV, Adnoc aims to enhance synergies and unlock growth opportunities across its chemicals portfolio, particularly at Borouge, its joint venture with Borealis.

The transaction's successful completion cements Adnoc's status as a responsible and growth-oriented investor, positioning it for sustained success in the evolving energy landscape. With Adnoc now owning 24.9% of OMV's shares, and Österreichische Beteiligungs AG (ÖBAG) holding 31.5%, this strategic partnership sets the stage for collaborative endeavors and value creation in the years ahead.

Khaled Salmeen, Executive Director of Downstream Industry, Marketing & Trading at Adnoc, expressed pride in the partnership with OMV, emphasizing the mutual benefits derived from their collaboration. He highlighted the value created through the Borouge joint venture and the potential for further growth and value creation resulting from this transaction.

Furthermore, Adnoc's strategic investment in OMV aligns with its ambitious chemicals growth strategy, building upon its existing shareholding in Borealis. This transaction serves as a transformative step towards unlocking significant growth opportunities, benefitting Adnoc, OMV, and their respective stakeholders.

As part of the agreement, Adnoc intends to nominate two representatives to the OMV Supervisory Board, enhancing its influence and participation in OMV's governance processes. This collaborative approach reflects Adnoc's commitment to fostering strong, mutually beneficial relationships with its partners.

Moreover, the completion of this transaction underscores the deepening ties between the United Arab Emirates (UAE) and Austria, reinforcing Adnoc's role as a catalyst for sustainable investment and value creation. By leveraging strategic partnerships and pursuing international growth opportunities, Adnoc continues to drive economic prosperity and development for Abu Dhabi, the UAE, and its stakeholders.

Looking ahead, Adnoc and OMV remain engaged in discussions regarding the potential creation of a new combined petrochemicals holding entity. This proposed merger, involving their respective shareholdings in Borouge and Borealis, signifies a strategic alignment aimed at maximizing synergies and driving further value creation in the petrochemicals sector.

In conclusion, Adnoc's acquisition of a significant stake in OMV represents a strategic milestone in its global expansion journey. By forging partnerships, pursuing growth opportunities, and prioritizing responsible investment practices, Adnoc is poised to continue driving innovation and success in the dynamic energy landscape.