Abu Dhabi National Oil Company (ADNOC) and Mubadala Investment Company (Mubadala) announced a strategic transaction involving Borealis Group AG (Vienna, Austria), one of Europe’s leading petrochemical companies. Under this agreement, ADNOC will acquire a 25% shareholding in Borealis from Mubadala. Financial details of the transaction are not being disclosed.
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 leading global provider of advanced and circular polyolefin solutions and a European market leader in base chemicals, fertilizers 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 program, further expanding the Company’s long-standing partnership with Borealis.
ADNOC is well-positioned to capitalize 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.
His Excellency Khaldoon Khalifa Al Mubarak, Managing Director and Group CEO, Mubadala, said: “We have partnered with OMV and ADNOC for two decades to build Borealis into a global champion. Throughout this time, we have been proud of the company’s growth, innovation and continuing success in sustainability. Now the time is right for OMV and ADNOC to take this partnership to the next level capitalizing on synergies with the wider ADNOC portfolio.”