Finance
Abu Dhabi's ADNOC plans to transfer 24.9% stake in OMV to XRG unit
Published by Global Banking & Finance Review®
Posted on July 16, 2025
2 min readLast updated: January 22, 2026
Global Banking & Finance Review®
Company
Published by Global Banking & Finance Review®
Posted on July 16, 2025
2 min readLast updated: January 22, 2026
ADNOC plans to transfer its 24.9% stake in OMV to its XRG unit, facilitating the creation of a major chemicals company, Borouge Group International.
DUBAI (Reuters) -Abu Dhabi National Oil Company said on Wednesday it plans to transfer its 24.9% shareholding in Austria's OMV AG to its XRG investment unit ahead of the establishment of a chemicals company combining existing OMV and ADNOC firms.
ADNOC last year bought a 24.9% stake in OMV from Abu Dhabi sovereign wealth fund Mubadala, without disclosing the financial terms.
Earlier this year, ADNOC and OMV agreed to merge their polyolefin businesses to create a chemicals company with a $60 billion enterprise value.
The merged entity, Borouge Group International (BGI), is set to be the world's fourth-largest polyolefins firm by production capacity, behind China's Sinopec and CNPC and U.S.-based ExxonMobil, ADNOC Downstream CEO Khaled Salmeen told Reuters in March.
BGI will combine two joint ventures - Borealis, 75% owned by OMV and 25% by ADNOC, and Borouge, 54% owned by ADNOC and 36% by Borealis, the company announced in March.
In its statement on Wednesday, ADNOC said it is progressing with preparation for the proposed establishment of BGI.
ADNOC's proposed 46.94% shareholding in BGI is expected to be held by XRG upon completion of the transaction, subject to regulatory approvals, the statement said.
(Reporting by Hadeel Al Sayegh; Editing by Christian Schmollinger)
ADNOC plans to transfer its 24.9% shareholding in OMV AG to its XRG investment unit.
The merged entity, Borouge Group International, has an enterprise value of $60 billion.
Borealis is 75% owned by OMV and 25% owned by ADNOC.
ADNOC's proposed shareholding in Borouge Group International is expected to be 46.94% upon completion of the transaction.
The merger involves Borealis, owned by OMV and ADNOC, and Borouge, which is also partially owned by ADNOC.
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