Adnoc will transfer its 24.9% shareholding in OMV to its international-focused subsidiary XRG, according to a 16 July announcement. Adnoc acquired the stake from Abu Dhabi state investor Mubadala in February last year (MEES, 1 March 2024).
XRG has been establishing itself across international gas, chemicals, and the “Energy Solutions” sector, the latter involving carbon capture, low carbon fuels, and AI-linked power projects (MEES, 6 June). It has been quick off the mark acquiring gas assets, most recently announcing an $18.7bn bid to acquire Australian gas firm Santos (MEES, 20 June). (CONTINUED - 125 WORDS)