A Big Stake

A Big Stake

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  • Abu Dhabi National Oil Company (ADNOC) on Wednesday said it will acquire 24.9% of Austrian oil and gas group OMV as part of the group's expansion plan in international markets. The company is acquiring Abu Dhabi state fund Mubadala's entire OMV stake.

  • The transaction comes after Mubadala Petroleum rebranded to Mubadala Energy in September to pursue new energy sectors, including blue hydrogen and carbon capture, and as Abu Dhabi's ADNOC looks to increase its presence internationally through mergers and acquisitions. 

  • The deal, which is subject to regulatory approvals, will also increase ADNOC's holding in both European petrochemicals maker Borealis and Abu Dhabi-listed petrochemicals company Borouge. A separate statement from state-owned Austrian holding company Osterreichische Beteiligungs AG, which owns a 31.5% stake in OMV, said that ADNOC would become a long-term strategic partner in all areas of OMV's business.

Why it matters

The Abu Dhabi-based energy giant has been flexing its muscles, taking on international oil companies and Gulf rivals in its pursuit of energy assets outside the UAE. The transaction marks the next major milestone for ADNOC as it accelerates its ambitious domestic and international chemicals growth strategy and also aligns with Mubadala’s long-term investment strategy. ADNOC last month received board approval for $150 billion of spending over 2023-27 for its accelerated growth strategy and creation of a new division focused on low-carbon solutions and international growth.


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