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Dubai: Abu Dhabi Petronas (ADNOC) has agreed to acquire a 24.9% stake in the Austrian oil and gas group Ovie From Abu Dhabi National Fund mubadala investment co.the two companies said on Wednesday.
Following the deal, ADNOC will increase its shareholders in European petrochemicals maker Borealis and Abu Dhabi-listed petrochemicals company Borouge, the companies said in regulatory filings.
Reuters reported earlier on Wednesday, citing two sources familiar with the matter, that the two Abu Dhabi government-linked entities had reached an agreement on a deal that has been under discussion in recent weeks.
exchangeAccording to data from OMV, its stake in OMV is worth approximately $4.1 billion. Refinitiv.
The transaction, subject to regulatory approval, “marks the next major milestone for ADNOC as it accelerates its ambitious domestic and international chemicals growth strategy and is in line with Mubadala’s long-term investment strategy,” the statement said.
transaction happens after mubadala petroleum co. change name to exchange energy In September, Abu Dhabi’s ADNOC sought to expand its international presence through mergers and acquisitions, pursuing new energy sectors, including blue hydrogen and carbon capture.
In April, ADNOC agreed to buy a 25% stake in European petrochemicals maker Borealis from Mubadala, with OMV owning 75%.
Sultan Ahmed al-Jaber, Chief Executive Officer of ADNOC, said: “This landmark transaction is a testament to our investment in focusing on building an integrated chemicals platform to accelerate our ambitious growth strategy, which will Unlocking significant growth opportunities in the portfolio.”
Chief Executive Sultan al-Jaber has been the main architect of a turnaround strategy the company began four years ago, monetizing assets such as the listing of fertilizer and clean ammonia products maker Borouge Fertiglobe and ADNOC Drilling.
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