Adnoc to acquire 25% stake in Borealis

Abu Dhabi National Oil Company (Adnoc), and Mubadala Investment Company (Mubadala), have announced a strategic transaction involving Austrian petchem firm Borealis AG, whereby Adnoc will acquire a 25% shareholding in Borealis from Mubadala.

Upon completion of the transaction, which is subject to customary closing conditions and regulatory approvals, Borealis will be owned 25% by Adnoc and 75% by OMV, an Austrian multi-national integrated oil, gas and petrochemical company listed on the Vienna Stock Exchange.

Borealis is a provider of advanced and circular polyolefin solutions and a European market leader in base chemicals, fertilisers and mechanical recycling of plastics.

The investment in Borealis extends Adnoc’s international footprint in the fast-growing chemicals and petrochemical sector, unlocking new opportunities in key markets where Borealis operates, particularly in Europe and the Americas. This transaction marks another important milestone as Adnoc accelerates the delivery of its Downstream and Industrial growth programme, further expanding the company’s long-standing partnership with Borealis.

Dr Sultan bin Ahmad Sultan Al Jaber, UAE Minister of Industry and Advanced Technology/Managing Director/Group CEO of Adnoc said: "Globally, the chemicals and petrochemical sector is poised for significant consumer-led growth in the decades ahead. Adnoc is therefore delighted to be making this strategic investment for a 25% stake in Borealis, a world-leading petrochemicals company, with whom we have already collaborated in a close and trusted partnership over two decades through our jointly held Abu Dhabi-based polyolefins company Borouge. Alongside OMV, Adnoc will be a co-shareholder in Borealis, with this investment giving further impetus to our local and international petrochemical and industrial growth programme and accelerating our transformation into an integrated and global energy player."

Adnoc adds it is well-positioned to capitalise on growth opportunities in the chemicals and petrochemical sector, building on its world-class refining and petrochemicals facilities in Al Ruwais Industrial City, Abu Dhabi. The company has already embarked on a major expansion drive, including the recently announced Borouge 4 complex and the TA’ZIZ Industrial Chemicals Zone in Ruwais.

(PRA)

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