ADNOC to Move 24.9% Stake in Austria’s OMV to Its Investment Arm XRG

ADNOC to Move 24.9% Stake in Austria’s OMV to Its Investment Arm XRG

The Abu Dhabi National Oil Company (ADNOC) announced on Wednesday that it will transfer its 24.9% ownership in the Austrian energy company OMV to its own investment company, XRG. This move is part of ADNOC’s plan to create a new chemicals company by combining assets from both OMV and ADNOC.

Why the Stake Transfer Matters

The transfer still needs approval from regulators. ADNOC said this is part of a bigger plan to grow its international investments through XRG.

ADNOC is also working on launching a new global company called Borouge Group International (BGI). BGI will focus on polyolefins, a type of plastic, and is expected to be worth around $60 billion. It will combine the plastic-making businesses of ADNOC and OMV. This follows a deal the two companies made in March.

BGI will include two joint ventures:

• Borealis: 75% owned by OMV and 25% by ADNOC

• Borouge: 54% owned by ADNOC and 36% by Borealis

Once formed, BGI would be the world’s fourth-largest polyolefins producer. This will help ADNOC grow stronger in the global chemicals and downstream sectors.

ADNOC’s 46.9% stake in the new company will be held through XRG, depending on final approvals.

Bigger Picture

This move shows ADNOC’s goal to expand globally and invest across the energy value chain through XRG. It also supports Abu Dhabi’s plan to become a major player in the global energy and chemicals market.

Background

Last year, ADNOC bought its 24.9% stake in OMV from Abu Dhabi’s Mubadala Investment Company. After the deal, ADNOC owned 24.9%, Austria’s ÖBAG held 31.5%, and the rest of OMV’s shares were publicly traded.

What’s Next

ADNOC’s CEO, Sultan Al Jaber, said in March that XRG will make big investments in the U.S. gas industry in the coming months. XRG, which manages about $80 billion in assets, plans to invest in all areas of the gas business—from finding and developing gas to getting it to customers.

Published: 17th July 2025

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