Abu Dhabi-based Mubadala Investment Company is bringing its long-term relationship with Borealis to an end.The company has agreed to sell its remaining 25% stake in Borealis, a leading supplier of advanced and circular polyolefin solutions, to Abu Dhabi National Oil Company (Adnoc), the two companies have announced. The transaction is subject to customary closing conditions and regulatory approvals; financial details of the transaction have not been disclosed.
Once the deal has been closed, Adnoc will hold a 25% share in Borealis with the other 75% owned by OMV, an Austrian multi-national integrated gas and petrochemical company listed on the Vienna Stock Exchange.
For Adnoc, the acquisition is one with strategic importance. The company anticipates significant consumer-led growth in the decades ahead for the chemicals and petrochemical sector. The present investment in Borealis will support the growth of its footprint in the international chemicals and petrochemical sector and open the door to key markets where Borealis operates, particularly in Europe and the Americas.
Dr. Sultan Al Jaber, Minister of Industry and Advanced Technology and Adnoc managing director and group CEO pointed to his company’s existing two-decade partnership with Borealis through the companies’ jointly held Abu Dhabi-based polyolefins company Borouge.
“Alongside OMV, ADNOC will be a co-shareholder in Borealis, with this investment giving further impetus to our local and international petrochemical and industrial growth program and accelerating our transformation into an integrated and global energy player,” he said.
Founded in 1971, Adnoc is one of the world's leading energy producers. The company has a capacity of more than 4 million barrels of oil and around 11.5 billion cubic feet of natural gas per day and operates across the entire hydrocarbon value chain via a network of fully-integrated businesses for exploration, production, storage, refining, and trading, as well as the development of a wide range of petrochemical products.