emirates7 - Abu Dhabi National Oil Company PJSC (ADNOC) announced today its plan to transfer its 24.9% stake in OMV AG (OMV) to XRG PJSC (XRG), its wholly owned international investment arm.
The move, pending regulatory approvals, aligns with ADNOC’s broader strategy to streamline and consolidate its international growth investments under XRG.
In parallel, ADNOC is advancing preparations for the creation of Borouge Group International, which aims to become one of the world’s top four polyolefins producers.
Following the completion of this initiative and subject to regulatory clearance, ADNOC’s proposed 46.94% stake in the new entity will also be held through XRG.
ADNOC reiterated its commitment to its longstanding partnership with OMV via XRG and expressed continued support for the company’s future growth and success.
The move, pending regulatory approvals, aligns with ADNOC’s broader strategy to streamline and consolidate its international growth investments under XRG.
In parallel, ADNOC is advancing preparations for the creation of Borouge Group International, which aims to become one of the world’s top four polyolefins producers.
Following the completion of this initiative and subject to regulatory clearance, ADNOC’s proposed 46.94% stake in the new entity will also be held through XRG.
ADNOC reiterated its commitment to its longstanding partnership with OMV via XRG and expressed continued support for the company’s future growth and success.