[ad_1]
DUBAI, Dec 21 (Reuters) – Abu Dhabi National Oil Company (ADNOC) is set to buy a 24.9% stake in Austrian oil and gas group OMV (OMVV.VI)The company said on Wednesday it was stepping up its international expansion since Russia’s invasion of Ukraine sparked turmoil in energy markets.
ADNOC has been flexing its muscles, taking on international oil companies and Gulf rivals for energy assets outside the United Arab Emirates.
ADNOC and Mubadala said in a joint statement that the company is acquiring the entire OMV stake in Abu Dhabi state fund Mubadala, a transaction that “marks the next major milestone in ADNOC’s strategy to accelerate its ambitious domestic and international chemicals growth strategy” .
Reuters reported the deal earlier on Wednesday, citing sources familiar with the matter.
Mubadala’s stake in OMV is worth about $4.1 billion, according to Refinitiv data.
The deal, which is subject to regulatory approval, will also increase ADNOC’s stakes in European petrochemicals maker Borealis and Abu Dhabi-listed petrochemicals company Borouge (Borouge.AD).
ADNOC will be a long-term strategic partner in all areas of OMV’s business, said a separate statement from Austrian state holding company Osterreichische Beteiligungs AG (OBAG), which owns 31.5 percent of OMV.
ADNOC received board approval last month to spend $150 billion between 2023 and 2027 to accelerate its growth strategy and create a new unit focused on low-carbon solutions and international growth.
It has also stepped up its focus on the European gas market, as it rushes to replace Russian energy imports after Western sanctions on Moscow phased in supply cuts.
Reporting by Hadeel Al Sayegh in Dubai Additional reporting by Alexandra Schwarz-Goerlich in Vienna Editing by Christopher Cushing and David Goodman
Our standards: Thomson Reuters Trust Principles.
[ad_2]
Source link