Formerly a key pillar of its operations, Abu Dhabi state investment firm Mubadala has been steadily reducing its petroleum-sector exposure in recent years. New plans to sell its 100% owned Nova Chemicals subsidiary to the planned combined Borouge/Borealis entity (see main story), are just the latest example of its gradual exit from the sector.
In May 2022, Mubadala transferred its 25% stake in the Borealis JV with OMV to Adnoc (MEES, 6 May 2022). Later that year, Mubadala then agreed to transfer its 24.9% stake in OMV to Adnoc, with the deal concluding last February (MEES, 1 March 2024). Mubadala also exited its position in Japanese oil firm Cosmo that year. (CONTINUED - 256 WORDS)
