Adnoc has struck a deal to buy a 24.9% stake in Austria’s OMV, for an undisclosed price, from Mubadala Investment.
Adnoc said the deal was in line with its strategic plans to grow its exposure to chemicals. Mubadala Petroleum and Petrochemicals Holding owns the 24.9% stake currently.
Adnoc group CEO Sultan Al Jaber said the company was “expanding our footprint across key strategic markets and sectors”.
Via OMV, the deal increases Adnoc’s indirect stakes in Borouge and Borealis.
Adnoc is “building an integrated chemicals platform”, Al Jaber continued. This will “unlock significant growth opportunities across our broader chemicals portfolio”, he said. There is a “particular focus on creating distinctive value for Borouge and its shareholders”.
Following the deal, Österreichische Beteiligungs AG (ÖBAG) will hold 31.5% of OMV while the remaining shares are free floating.
Abu Dhabi’s International Petroleum Investment Company (IPIC) previously held the 24.9% now owned by Mubadala, and soon Adnoc.
Mubadala group CEO Khaldoon Khalifa Al Mubarak said the company had worked with its Austrian partners to develop OMV as a champion in the energy sector. “This transaction is reflective of our strategy to monetize assets at the right valuation and at the right time,” he said.
“2022 has been a year of increased activity and strategic investment across Mubadala, in sectors and geographies all over the world. We will continue to partner with best-in-class entities as we diversify our investment base and expand our growth trajectory.”