Adnoc and Mubadala Mubadala announced a strategic transaction involving Borealis, one of Europe’s leading petrochemical companies.Under this agreement, Adnoc will acquire a 25% shareholding in Borealis from Mubadala. 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.The investment in Borealis extends Adnoc’s international footprint in the fast-growing chemicals and petrochemical sector, unlocking new opportunities in key markets where Borealis operates, particularly in Europe and the Americas.This transaction marks another important milestone as Adnoc accelerates the delivery of its Downstream and Industrial growth program, further expanding the company’s long-standing partnership with Borealis.Commenting on the transaction, Dr Sultan Bin Ahmed Al Jaber, Minister of Industry and Advanced Technology and Managing Director and Group CEO of the Adnoc, 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.”Adnoc is well-positioned to capitalize on growth opportunities in the chemicals and petrochemical sector, building on its world-class refining and petrochemicals facilities in Al Ruwais Industrial City, Abu Dhabi.The Company has already embarked on a major expansion drive, including the recently announced Borouge 4 complex and the TA’ZIZ Industrial Chemicals Zone in Ruwais.Khaldoon Khalifa Al Mubarak, managing director and group CEO at 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 capitalizing on synergies with the wider Adnoc portfolio.”This investment represents the latest milestone in Adnoc’s strategic growth and investment approach and reinforces Adnoc’s role as a catalyst for responsible and sustainable investment and value creation for Abu Dhabi and the UAE.Meanwhile TA’ZIZ and RIL have signed the formal shareholder agreement for the TA’ZIZ EDC & PVC project recently.
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