ABU DHABI: Abu Dhabi National Oil Company PJSC (ADNOC) has announced its plan to transfer its 24.9 per cent shareholding in OMV AG to XRG PJSC, its wholly-owned international investment subsidiary.
The strategic move, pending regulatory approvals, aims to consolidate ADNOC’s international growth investments under a single entity, XRG. Such consolidation is expected to enhance ADNOC’s ability to manage and expand its global portfolio effectively.
Additionally, ADNOC is advancing plans to establish Borouge Group International, anticipated to become one of the world’s top four producers of polyolefins.
ADNOC intends for its nearly 47 per cent stake in this new entity to be held by XRG upon the completion of the transaction, also subject to regulatory approval. This development underscores ADNOC’s commitment to strengthening its position in the global petrochemical industry.
Despite these structural changes, ADNOC reaffirms its long-standing partnership with OMV through XRG, expressing continued support for OMV’s growth and success. Overall, these initiatives reflect ADNOC’s strategic focus on optimizing its international investments and expanding its footprint in key sectors within the energy industry.
