Abu Dhabi National Oil Company (ADNOC) will acquire a 25 percent shareholding in Borealis, one of Europe’s leading petrochemical companies, from Mubadala Investment Company (Mubadala).
Upon completion of the transaction, Borealis will be owned 25 percent by ADNOC and 75 percent by OMV, an Austrian multi-national integrated oil, gas and petrochemical company listed on the Vienna Stock Exchange.
Borealis is a provider of advanced and circular polyolefin solutions and a European market leader in base chemicals, fertilizers and mechanical recycling of plastics.
ADNOC said the investment in Borealis extends ADNOC’s international footprint in the fast-growing chemicals and petrochemical sector, unlocking new opportunities in key markets where Borealis operates, particularly in Europe and the Americas.
Dr. Sultan bin Ahmed Al Jaber, Minister of Industry and Advanced Technology and Managing Director and Group CEO of ADNOC, 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.”
ADNOC and Borealis have been partners for two decades through their jointly held Abu Dhabi-based polyolefins company Borouge.