Adnoc buys 25% stake in Austrian energy

 

Adnoc  

Adnoc is getting a 24.9 per cent stake in Austrian energy company OMV from Mubadala Investment Company, it aforesaid on Wednesday. The money terms of the deal weren't disclosed. Through this investment in OMV, that holds a seventy five per cent stake in Austrian plastics maker Borealis, Adnoc can increase its stakes in each Borealis and Borouge.

“As we have a tendency to still meet the growing world demand for lower carbon energy, we are fast-tracking the delivery of our growth strategy and increasing our footprint across key strategic markets and sectors,” said Dr Sultan Al Jaber, Minister of trade ANd Advanced Technology, and Adnoc decision maker and cluster chief executive.

“This milestone transaction, aboard our twenty five per cent property in Borealis, is testament to our centered investment in building an integrated chemicals platform to accelerate our formidable growth strategy that may unlock vital growth opportunities across our broader chemicals portfolio, with a selected concentrate on making distinctive worth for Borouge and its shareholders.”




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