Adnoc announced on 29 February that it has completed the acquisition of a 24.9% stake in Austria’s OMV from fellow Abu Dhabi state firm Mubadala (MEES, 23 December 2022).
Khaled Salmeen, Executive Director, Downstream Industry, Marketing & Trading at Adnoc hailed the existing partnership, stating that “together, we have created significant value through our joint venture Borouge, and today’s investment will unlock further value and future growth opportunities for both companies. Building on our 25% shareholding in Borealis, this transaction marks the next transformative step as we accelerate our ambitious chemicals growth strategy.” OMV and Adnoc have been in discussions since mid-2023 over merging Borealis and Borouge, but as talks drag on with little sign of progress, market faith in the transaction is waning (MEES, 2 February). (CONTINUED - 122 WORDS)