RIYADH: Abu Dhabi National Oil Co., also known as ADNOC, will acquire a 25 percent stake in European petrochemical company Borealis AG from Mubadala Investment Co., both firms have announced.
Financial details of the transaction are not being disclosed and the transaction is subject to customary closing conditions and regulatory approvals, according to a statement,
Borealis will be owned 25 percent by ADNOC and 75 percent by OMV, an Austrian multi-national integrated oil, gas and petrochemical company listed on the Vienna Stock Exchange, after completing the transaction.
“Globally, the chemicals and petrochemical sector is poised for significant consumer-led growth in the decades ahead,” Sultan Al Jaber, minister of industry and advanced technology and ADNOC managing director and group CEO said.
“ADNOC is therefore delighted to be making this strategic investment for a 25 percent 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,” he added.
Borealis is a global provider of advanced and circular polyolefin solutions and a European market leader in base chemicals, fertilizers and mechanical recycling of plastics.
This acquisition will extend ADNOC’s international footprint in the chemicals and petrochemical sector, as it provides new opportunities in key markets where Borealis operates, particularly in Europe and the Americas.
