Image: ADNOC
The Abu Dhabi National Oil Company (ADNOC) said on Wednesday it plans to transfer its 24.9 per cent stake in Austria’s OMV to its wholly owned international investment arm, XRG, as part of a strategy to consolidate its global growth portfolio.
The transfer, which remains subject to regulatory approvals, is in line with ADNOC’s broader push to streamline its international holdings under XRG.
ADNOC reaffirmed its commitment to OMV, stating that the longstanding partnership will continue through XRG, and expressed support for OMV’s future growth and success.
ADNOC advancing its efforts to set Borouge Group International
In a related move, ADNOC said it is advancing preparations for the establishment of Borouge Group International, a proposed polyolefins powerhouse that would rank among the top four globally in its sector.
Upon completion of the transaction, ADNOC’s proposed 46.94 per cent stake in the new entity is also expected to be held by XRG, pending regulatory approvals.
The announcement underscores ADNOC’s ongoing efforts to refine its investment structure and pursue international diversification through dedicated platforms such as XRG.
Read: ADNOC’s landmark energy deals with US majors, see details
