Abu Dhabi National Oil Company (ADNOC) announced Friday that it would be acquiring a 25% stake in European petrochemical firm Borealis AG from the Mubadala Investment Company. The financial details of the transaction were not 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.
Commenting on the transaction, Dr. Sultan Al Jaber, Minister of Industry and Advanced Technology and ADNOC Managing Director and Group CEO said: “Globally, the chemicals and petrochemical sector is poised for significant consumer-led growth in the decades ahead. ADNOC is therefore delighted to be making this strategic investment for a 25% stake in Borealis, a world-leading petrochemicals company, with whom we have already collaborated in a close and trusted partnership over two decades through our jointly held Abu Dhabi-based polyolefins company Borouge.”
“Alongside OMV, ADNOC will be a co-shareholder in Borealis, with this investment giving further impetus to our local and international petrochemical and industrial growth program and accelerating our transformation into an integrated and global energy player.”’
Borealis is a leading global provider of advanced and circular polyolefin solutions and a European market leader in base chemicals, fertilisers, and mechanical recycling of plastics, the state-run news agency, Wam, reported.
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 capitalising on synergies with the wider ADNOC portfolio.”
