Abu Dhabi National Oil Company (ADNOC) announced plans to transfer its 24.9% shareholding in Austria’s OMV AG to XRG, its wholly-owned international investment arm. The move, subject to regulatory clearance, reflects ADNOC’s effort to centralize its overseas growth-focused assets under XRG.

Relevant context

This transfer marks a significant step in ADNOC’s evolving international investment strategy, positioning XRG as its key global investment vehicle. OMV, in which ADNOC acquired its stake in 2022, is a leading integrated energy and chemicals group based in Austria. The decision comes as ADNOC also prepares to establish Borouge Group International as a new global player in polyolefins, with ADNOC expected to own 46.94% of the new entity through XRG.

The consolidation under XRG underscores ADNOC’s ambition to become a more agile and globally competitive energy and chemicals investor, in line with broader Middle East energy diversification trends. While restructuring its holdings, ADNOC reaffirmed its commitment to OMV, highlighting its intention to remain a long-term partner and support the Austrian company’s growth plans.

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