In a reshuffling of Abu Dhabi state firms, energy giant Adnoc is taking state-investor Mubadala’s 25% stake in the Austria-headquartered Borealis petrochemicals firm. Financial details weren’t disclosed, and upon completion, Adnoc will join Austria’s OMV which holds 75% of the firm. Adnoc describes Borealis as “a leading global provider of advanced and circular polyolefin solutions and a European market leader in base chemicals, fertilizers and mechanical recycling of plastics.”
Adnoc CEO Sultan al-Jaber says of the transaction that “globally, the chemicals and petrochemical sector is poised for significant consumer-led growth in the decades ahead. Adnoc is therefore delighted to be making this strategic investment for a 25% stake in Borealis, a world-leading petrochemicals company, with whom we have already collaborated in a close and trusted partnership over two decades through our jointly held Abu Dhabi-based polyolefins company Borouge.” (CONTINUED - 373 WORDS)