Abu Dhabi National Oil (ADNOC) agreed to buy the stake of Mubadala Investment Company (Mubadala) in Borealis AG, one of the largest petrochemical companies in Europe, according to a statement published by the Emirates News Agency (WAM).
Upon completion of the transaction, Borealis will be 25 percent owned by ADNOC and 75 percent owned by OMV, the integrated multinational oil, gas, and petrochemical company listed on the Vienna Stock Exchange, Austria.
Borealis manufactures basic chemicals, fertilizers, and mechanical recycling of plastics for the European market.
According to the statement, the investment in Borealis will help ADNOC expand its business and presence on a global scale in the fast-growing chemicals and petrochemicals sector, as well as provide more new opportunities for expansion in the main markets managed by Borealis, particularly in Europe and the Americas.
ADNOC will be a partner in Borealis with OMV, which will provide further impetus to our local and global petrochemical and industrial growth agenda and accelerate our transition into an integrated and global energy company,” said ADNOC CEO Sultan Al Jaber.