Abu Dhabi National Oil Company to acquire 25% stake in Borealis
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Abu Dhabi National Oil Company to acquire 25% stake in Borealis

Abu Dhabi National Oil Company to acquire 25% stake in Borealis

The investment in Borealis expands ADNOC’s international footprint in the fast-growing chemicals and petrochemical sector in Europe and the Americas

ADNOC Borealis acquisition

Abu Dhabi National Oil Company (ADNOC) and Mubadala Investment Company (Mubadala) have recently announced a strategic transaction involving Borealis.

Borealis’ specialty is advanced and circular polyolefin solutions; it’s also a market leader in base chemicals, fertilisers and mechanical recycling of plastics in Europe.

As part of this agreement, ADNOC will acquire a 25 per cent shareholding in Borealis from Mubadala. Financial details of the transaction are not being disclosed.

When the transaction – which is subject to customary closing conditions and regulatory approvals – is complete, Borealis will be owned 25 per cent by ADNOC and 75 per cent by OMV, an Austrian multi-national integrated oil, gas and petrochemical company listed on the Vienna Stock Exchange.

The investment in Borealis extends ADNOC’s international footprint in the fast-growing chemicals and petrochemical sector in key markets where Borealis operates, particularly in Europe and the Americas.

The transaction also highlights the progress ADNOC has made with its downstream and Industrial growth programme.

Dr Sultan Al Jaber, Minister of Industry and Advanced Technology and ADNOC MD and group CEO 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 per cent 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 programme and accelerating our transformation into an integrated and global energy player.”

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