Adnoc, the Abu Dhabi National Oil Company, has announced its plan to transfer its 24.9% stake in OMV A.G. to XRG, a wholly owned international investment subsidiary.
This transfer of shares, which is subject to the necessary regulatory approvals, aligns with Adnoc’s strategy to consolidate its international investment portfolio under the XRG umbrella.
Furthermore, Adnoc continues to make progress in establishing the proposed Borealis International Group, which is expected to become the fourth-largest producer of polyolefins globally.
Once the transaction is finalized and regulatory approvals are obtained, XRG is anticipated to manage Adnoc’s 46.94% stake in Borealis International Group.
Adnoc reaffirms its long-standing partnership with OMV through XRG and reiterates its commitment to supporting OMV’s growth and ongoing success.