July 16, 2025 15:12

Abu Dhabi National Oil Company (ADNOC) has announced that it will transfer the 24.9% stake it holds in Austrian petrochemicals group OMV to XRG, formerly ADNOC International, the Emirati company’s vehicle for overseas investments.

The share transfer, which is still pending antitrust approval, aligns with ADNOC’s plan to bundle its international holdings under XRG. Those assets include the proposed acquisition of Covestro and the creation of a new polyolefins powerhouse through the merger of Borouge, Borealis and Nova Chemicals — a deal recently cleared by the European Commission (see article).

In that merger framework, control of the combined group — the world’s fourth-largest polyolefins producer — will be placed in a new holding company, Borouge Group International, jointly owned on a 50-50 basis by OMV and ADNOC. The 46.94% interest ADNOC is slated to receive in the new entity is also set to be transferred to XRG once the transaction is completed.

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