Adnoc to transfer OMV stake to XRG
Abu Dhabi National Oil Co. (Adnoc) announced July 16 that it intends to transfer its 24.9% shareholding in OMV AG (Vienna) to XRG PJSC, Adnoc’s wholly owned international investment company. Details of the transaction have not been disclosed.
The transfer, which is subject to regulatory approvals, is aligned with Adnoc’s s strategy to consolidate its international growth investments under XRG, the company said. XRG, launched in November 2024, is also Adnoc’s vehicle for the previously announced acquisition of Covestro AG.
Adnoc said it is also progressing with preparations for the proposed establishment of Borouge Group International, which is set to be a top-four global polyolefins producer. Adnoc’s proposed 46.94% shareholding in the new entity is expected to be held by XRG on completion of the transaction, subject to regulatory approvals.
Borouge Group International will be formed from the merger of the two Adnoc/OMV olefin and polyolefin joint ventures, Borealis AG and Borouge PLC, plus the subsequent acquisition of Nova Chemicals Corp. OMV will also have a 46.94% stake in Borouge Group International, which is expected to be formed in the first quarter of 2026.
Adnoc said it remains committed to its “longstanding partnership” with OMV through XRG.
OMV confirmed in a separate statement July 16 that Adnoc has informed OMV of its intention to transfer the 24.9% stake. OMV also noted that the transfer is subject to regulatory approvals.
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