Abu Dhabi National Oil Company (ADNOC) has agreed to acquire a 24.9% stake in Austrian energy and chemicals company OMV from Mubadala Investment Company (Mubadala).

Financial terms of the deal were undisclosed.

The transaction is part of ADNOC’s strategy to accelerate its domestic and international chemicals growth strategy.

The deal would raise ADNOC’s holding in European petrochemicals maker Borealis and petrochemicals company Borouge.

State-owned Austrian holding company Osterreichische Beteiligungs AG (OBAG), which owns a 31.5% stake in OMV, said the transaction will make ADNOC a long-term strategic partner in all areas of OMV’s business.

UAE Minister of Industry and Advanced Technology and ADNOC managing director and group CEO said: “As we continue to meet the growing global demand for lower carbon energy, we are fast-tracking the delivery of our growth strategy and expanding our footprint across key strategic markets and sectors.

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“This milestone transaction, alongside our 25% shareholding in Borealis, is testament to our focused investment in building an integrated chemicals platform to accelerate our ambitious growth strategy that will unlock significant growth opportunities across our broader chemicals portfolio, with a particular focus on creating distinctive value for Borouge and its shareholders.”

The deal is subject to certain closing conditions and regulatory approvals.

Mubadala managing director and group CEO Khaldoon Khalifa Al Mubarak said the transaction complies with its strategy to monetise assets at the right valuation and at the right time.

Mubarak added: “2022 has been a year of increased activity and strategic investment across Mubadala, in sectors and geographies all over the world. We will continue to partner with best-in-class entities as we diversify our investment base and expand our growth trajectory.”