Abu Dhabi National Oil Company (ADNOC) announced its intention to transfer its 24.9% shareholding in OMV AG (OMV) to XRG, its wholly-owned international investment company.

This transfer, which is subject to regulatory approvals, is aligned with ADNOC’s strategy to consolidate its international growth investments under XRG.

ADNOC is also progressing with preparation for the proposed establishment of Borouge Group International, which is set to be a top-four global polyolefins producer. ADNOC’s proposed 46.94% shareholding in the new entity is expected to be held by XRG upon completion of the transaction, subject to regulatory approvals.

ADNOC remains committed to its longstanding partnership with OMV through XRG and reaffirms its support for the company’s continued growth and success.