Abu Dhabi National Oil Company (ADNOC) announced on Wednesday its intention to transfer its 24.9% stake in OMV to its wholly-owned international investment firm, XRG. This share transfer, which is subject to the necessary regulatory approvals, aligns with ADNOC’s strategy to consolidate its international investment portfolio under the XRG umbrella.
ADNOC is also progressing in the establishment of Borealis International Group, which is projected to become the fourth largest producer of polyolefins globally. Once the transaction is completed, XRG is expected to manage ADNOC’s 46.94% interest in Borealis International Group, pending the required regulatory approvals. ADNOC reaffirms its commitment to its long-term partnership with OMV through XRG and continues to support OMV’s growth and ongoing success.