D + D – Normal size
Abu Dhabi National Oil Company (ADNOC) and Mubadala Investment Company (Mubadala) have announced a strategic agreement to add Borealis AG (Borealis), one of Europe’s leading petrochemical companies, under which ADNOC will acquire Mubadala’s stake in Borealis. 25%
Borealis is a listed multinational oil, gas and petrochemical company owned by 25% ADNOC and 75% OMV upon completion of the transaction after compliance with the generally accepted Terms and Conditions and approval from all relevant regulatory authorities. Vienna Stock Exchange. Borealis is a global supplier of advanced and circular polyolefin solutions, and is a leader in the European market for the mechanical recycling of basic chemicals, fertilizers and plastics.
Investment in Borealis expands ADNOC’s international presence in the fast-growing field of chemicals and petrochemicals, and provides new opportunities for expansion in key markets driven by Borealis, particularly in Europe and the United States. The agreement is another significant milestone in ADNOC’s efforts to accelerate the implementation of its development and expansion program in the field of refining, petrochemicals and industrial processes, and to expand and strengthen its long – standing partnership with Borealis.
His Excellency Dr. Sultan bin Ahmed Al Jaber, Minister of Industry and Advanced Technology, Managing Director and CEO of ADNOC and its Group of Companies, said: “This strategic investment allows ADNOC to work with OMV as an active and effective partner in borealis.
The move adds more strength and momentum to ADNOC’s growth and expansion plans in the field of refining, petrochemicals and industrial processes both domestically and internationally, and accelerates the company’s transformation into an integrated global player in the energy sector.
For his part, Kaltoon Khalifa Al Mubarak, Managing Director and Chief Executive Officer of Mubatala, said: “We have worked with OMV and ADNOC for two decades to work with Borealis, which has contributed to its development as a leading global company. Throughout this period, Borealis adds to our pride in its achievements in the field of growth and innovation and its continued success in the field of sustainability. We now see the perfect opportunity to take OMV and ADNOC to the next level, using the expertise of the team of companies affiliated with the ADNOC portfolio to push it to further growth and development.
Follow the economic report through Google News
