Abu Dhabi National Oil Company (ADNOC) has recently concluded the acquisition of a 24.9% ownership interest in the Austrian energy conglomerate OMV from Mubadala, the sovereign wealth fund of the United Arab Emirates. The precise financial details of this transaction, which were first unveiled in December 2022, have not been publicly disclosed. In accordance with OMV's corporate governance protocols, ADNOC intends to nominate two individuals to serve as representatives on the OMV Supervisory Board.

ADNOC portrays this acquisition as a significant milestone in its strategic expansion and investment journey, highlighting its fundamental role as a primary driver of sustainable investment and value enhancement for Abu Dhabi and the broader UAE. This initiative underscores ADNOC's deepening engagement in Borealis, a leading producer of olefins and polyolefins headquartered in Vienna, as well as in Borouge, a collaborative venture between the two entities.

ADNOC takes pride in its newfound status as a substantial shareholder in OMV, a renowned global player in the energy and chemicals sector, with whom it shares a longstanding strategic alliance. Together, ADNOC and OMV have generated substantial value through their joint endeavor in Borouge. ADNOC envisions that this recent investment will unlock additional value and create opportunities for future growth for both organizations.

Additionally, ADNOC and OMV have revealed ongoing discussions concerning the potential establishment of a novel joint petrochemical entity. This proposed venture would be formed through the consolidation of their respective interests in Borouge and Borealis.

ADNOC, a UAE-based refinery with a global presence, annually supplies over 40 million tons of top-tier refined products to global markets. With over four decades of operation in Abu Dhabi, we play a pivotal role in servicing both the ADNOC Group and the United Arab Emirates. Our facilities collectively have the capacity to refine nearly a million barrels of crude oil and condensates daily.

ADNOC operates the world's fourth-largest single-site refinery situated in the town of Ruwais, within Abu Dhabi's Al Dhafra region. Equipped with cutting-edge technology and managed by a highly skilled international workforce, this facility is strategically located to swiftly cater to the needs of clients across Asia, Africa, Europe, and the Middle East.

OMV is a multinational corporation based in Austria, specializing in integrated oil, gas, and petrochemical operations. Its headquarters are located in Vienna, Austria, and the company is publicly listed on the Vienna Stock Exchange.

The company is engaged in both upstream and downstream activities in the oil and gas sector, along with involvement in petrochemicals and plastics recycling.