Dubai/Vienna, December 21 – There is a change in the shareholding structure of the Austrian oil, gas and chemical group OMV. Long-time anchor shareholder Mubadala, Abu Dhabi’s sovereign wealth fund, is selling its 24.9% stake in OMV to state-owned Abu Dhabi National Oil Company (Adnoc)ADNOC, the two companies announced on Wednesday. Reuters news agency previously reported on the change in ownership, citing two people familiar with the situation. OMV’s stake is valued at $4.1 billion according to Refinitiv data.
OMV’s main shareholder is the Austrian state holding company ÖBAG, which owns 31.5% and has had a union agreement with Mubadala for more than 20 years. According to ÖBAG, he was informed of the change in ownership. “If formal approvals were granted, Adnoc would be a long-term strategic partner for all areas of OMV’s business,” a statement from the holding company reads. ÖBAG’s objective remains to ensure the long-term increase in value of OMV and to protect the interests of the site.
For Adnoc, one of the largest oil producers in the world, this step means a strengthening of the chemical division. It was only in the spring that Adnoc and Mubadala agreed that Adnoc would take over 25% of the petrochemical group Borealis, of which OMV holds 75% of the capital. In addition, Adnoc and Borealis own the Borouge joint venture, a supplier of polyolefin solutions. “The transaction represents the next important step for Adnoc to accelerate its ambitious chemical growth strategy both domestically and internationally and is consistent with Mubadala’s long-term investment strategy,” the company announced.
OMV will also rely heavily on chemical activity in the future. By 2050 at the latest, the oil and gas activity should be stopped and the company should become climate neutral. The Austrians see the Borealis petrochemical group as the engine of growth. The group manufactures high-quality plastics, called polyolefins, needed to manufacture plastic products. They are used in various industries such as energy, automotive, packaging, construction and healthcare. Gas activity will remain an important business segment for the time being. In Norway, OMV is currently investing nearly 900 million euros with partners in the development of the Berling gas field.
Oil and gas group OMV obtains a new reference shareholder from Abu Dhabi
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