ADNOC Transfers Its Entire Stake in OMV to XRG

Abu Dhabi National Oil Company (ADNOC) on Wednesday announced its intention to transfer its entire 24.9% shareholding in the Austrian oil company OMV AG (OMV) to XRG, its wholly-owned international investment company.

It may be mentioned here that MPPH (Mubadala Petroleum and Petrochemicals Holding Company L.L.C.) transferred its 24.9% stake in Osterreichische Mineralölverwaltung (OMV) Aktiengesellschaft to ADNOC in February last year and the same has been transferred to XRG today.

The shareholder structure in OMV is ADNOC (24.9%0, free float (43.4%), Austrian state holding company Osterreichische Beteiligungs AG (31.5%) and Treasury shares and further (0.2%).

ADNOC said that this transfer, which is subject to regulatory approvals, is aligned with its strategy to consolidate its international growth investments under XRG.

Borouge Group International

ADNOC is also progressing with preparation for the proposed establishment of Borouge Group International, which is set to be a top-four global polyolefins producer. ADNOC’s proposed 46.94% shareholding in the new entity is expected to be held by XRG upon completion of the transaction, subject to regulatory approvals.

Welcoming ADNOC’s plans to transfer the shares in OMV to XRG, the latter said that it remains committed to its longstanding partnership with OMV through XRG and reaffirms its support for the company’s continued growth and success.

“As a strategic, long-term, and growth-oriented investor, XRG shares ADNOC’s vision for transformative value creation and is committed to supporting the continued success of OMV and Borouge Group International,” XRG said.