Abu Dhabi National Oil Co. PJSC (ADNOC) said it intends to transfer its 24.9 percent interest in Austria’s state-backed OMV AG to its global investment unit, XRG PJSC.
“This transfer, which is subject to regulatory approvals, is aligned with ADNOC’s strategy to consolidate its international growth investments under XRG”, ADNOC said in a statement online.
“ADNOC remains committed to its longstanding partnership with OMV through XRG and reaffirms its support for the company’s continued growth and success”, the statement added.
OMV is an integrated oil and gas company focused on Europe. It explores for and develops oil and gas, as well as produces fuels and chemicals. In the United Arab Emirates, it owns a 15 percent share in ADNOC Refining and ADNOC Global Trading, according to OMV.
Austrian state holding company Oesterreichische Beteiligungs AG owns 31.5 percent in OMV, while 43.4 percent are on free float. Austria’s Treasury and OMV employees hold 0.2 percent, OMV says on its website.
XRG meanwhile was launched late last year to drive the UAE’s expansion in the chemical, low-carbon energy and natural gas markets.
ADNOC added, “ADNOC is also progressing with preparation for the proposed establishment of Borouge Group International, which is set to be a top-four global polyolefins producer. ADNOC’s proposed 46.94 percent shareholding in the new entity is expected to be held by XRG upon completion of the transaction, subject to regulatory approvals”.
Last March, OMV and ADNOC signed an agreement to consolidate their polyolefin businesses, with ADNOC also agreeing to acquire NOVA Chemicals Corp. to be transferred to the new joint venture (JV). Under the agreement Borealis AG and Borouge PLC will merge to form Borouge Group International.
OMV owns 75 percent of Vienna-based Borealis while ADNOC holds the remaining 25 percent. In Abu Dhabi-based Borouge, ADNOC owns 54 percent and Borealis 36 percent while the remaining 10 percent is on free float.
The new JV would serve as a platform for acquisitions by ADNOC and OMV in the polyolefins sector.
ADNOC and OMV expect to complete the Borealis-Borouge combination and the NOVA Chemicals acquisition in the first quarter of 2026.
Last month XRG announced a goal of building a top-five integrated gas and liquefied natural gas business with a capacity of 20-25 million metric tons per annum by 2035.
“In its first six months, XRG has established itself as a differentiated global energy investor with an enterprise value exceeding $80 billion”, XRG said announcing its 2025-30 plan.
The five-year plan also eyes “select opportunities in carbon capture and storage and low-carbon fuels such as biofuels and low-carbon hydrogen that align with attractive return profiles”, XRG said.
Sultan Al Jaber, XRG executive chair and ADNOC chief executive, said of the plan, “As we enter a new era shaped by artificial intelligence, digital infrastructure, and industrial growth, energy systems must evolve in both scale and sophistication. XRG is investing in the energy systems of the future – more integrated, more resilient, and responsive to global demand”.
“With the Board’s endorsement of our five-year business plan, we are scaling platforms in gas, chemicals, and energy solutions to drive long-term value and ensure energy remains a catalyst for sustainable growth and development”, Al Jaber added.
To contact the author, email jov.onsat@rigzone.com
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