ADNOC Completes Acquisition of 24.9% Stake in Austria's OMV
(Reuters) — Abu Dhabi National Oil Company (ADNOC) said on Thursday it formally closed the acquisition of a 24.9% stake in Austria's Austrian oil and gas group OMV from Abu Dhabi sovereign wealth fund Mubadala Investment Company.
The financial terms of the deal were not disclosed.
"The transaction accelerates delivery of ADNOC's global chemicals growth strategy and reinforces its status as a responsible, long-term partner and growth-oriented investor," ADNOC said in a statement.
The state energy firm said through the deal it has increased its shareholdings in both petrochemicals group Borealis and Abu Dhabi-listed Borouge, without disclosing the ownership ratios.
Last July, ADNOC entered into talks to merge petrochemicals group Borealis - owned by OMV and ADNOC - and Abu Dhabi-listed Borouge, owned by ADNOC and Borealis.
Related News
Related News

- Energy Transfer Wins New York Court Ruling in $150 Million Pipeline Fraud Case
- $3 Billion Natural Gas Pipeline Expansion to Add 1.3 Bcf Capacity in Southeast Region
- Trump Puts Keystone XL Pipeline Back in Discussion, Though Revival Faces Developer Resistance
- Boardwalk Approves 110-Mile, 1.16 Bcf/d Mississippi Kosci Junction Pipeline Project
- Kinder Morgan Approves $1.4 Billion Mississippi Crossing Project to Boost Southeast Gas Supply
- Enbridge Should Rethink Old, Troubled Line 5 Pipeline, IEEFA Says
- GOP Lawmakers Slam New York for Blocking $500 Million Pipeline Project
- Texas Oil Company Challenges $250 Million Insurance Collateral Demand for Pipeline, Offshore Operations
- Phillips 66 to Sell $865 Million Stake in 500-Mile Gulf Coast Express Pipeline to ArcLight
- NDT, Aramco to Launch 56-Inch Inspection Tool
Comments