ADNOC consolidates global assets under XRG
Middle East energy company plans to transfer its 24.9% shareholding in OMV AG to XRG.
Abu Dhabi National Oil Company (ADNOC) announced its intention to transfer its 24.9% shareholding in Austrian energy company OMV AG to XRG, its wholly-owned international investment subsidiary. The transaction, pending regulatory approvals, reflects ADNOC’s broader objective to centralize international growth assets under a unified investment vehicle.
The move also signals ADNOC’s continued ambitions in the global petrochemicals sector. The company is advancing plans for the formation of Borouge Group International, a new entity poised to become one of the world’s top four polyolefins producers. Once established, XRG is expected to hold ADNOC’s proposed 46.94% stake in the group.
"Aligning OMV’s shareholding and future Borouge equity under XRG allows ADNOC to sharpen its strategic focus, optimize governance, and unlock synergies across its global investments," an ADNOC spokesperson noted. The company emphasized that its longstanding partnership with OMV remains unchanged, with continued backing via XRG.
OMV, which is undergoing its own transformation into a leading provider of sustainable fuels, materials, and circular economy solutions, posted €39 billion in revenues in 2023. The Vienna-listed firm is targeting net-zero operations by 2050, aligning with ADNOC’s growing emphasis on responsible and sustainable energy development.
