Adnoc is buying a 24.9 per cent share in Austrian energy firm OMV from Mubadala Investment Company, it made a statement on Wednesday.The economic terms of the agreement were not announced.Through this investment in OMV, which has a 75 per cent share in Austrian plastics creator Borealis, Adnoc will rise its stakes in Borealis and Borouge.“As we continue to meet the growing global demand for lower carbon energy, we are fast-tracking the delivery of our growth strategy and expanding our footprint across key strategic markets and sectors,” on the words of Dr. Sultan Al Jaber, Minister of Industry and Advanced Technology, and Adnoc managing director and group chief manager.“This milestone transaction, alongside our 25 per cent shareholding in Borealis, is testament to our focused investment in building an integrated chemicals platform to accelerate our ambitious growth strategy that will unlock significant growth opportunities across our broader chemicals portfolio, with a particular focus on creating distinctive value for Borouge and its shareholders.”
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