ADNOC will acquire 24.9% of Austrian oil and gas group OMV stepping up its international expansion, the company announced on Wednesday.
ADNOC is acquiring Abu Dhabi state fund Mubadala’s entire OMV stake in a transaction that “marks the next major milestone for ADNOC, as it accelerates its ambitious domestic and international chemicals growth strategy,” ADNOC and Mubadala said in a joint statement.
The deal, which is subject to regulatory approvals, will also increase ADNOC’s holding in both European petrochemicals maker Borealis and Abu Dhabi-listed petrochemicals company Borouge.
ADNOC last month received board approval for $150 billion investments between 2023 and 2027 for its accelerated growth strategy and creation of a new division focused on low-carbon solutions and international growth.
It is also sharpening its focus on the European gas market as it rushes to replace Russian energy imports after gradual supply cuts since Western sanctions were imposed against Moscow.
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