ADNOC announces transfer of 24.9% OMV shareholding to XRG

ADNOC announced today its intention to transfer its 24.9% shareholding in OMV to XRG, its wholly-owned international investment company.

This transfer, which is subject to regulatory approvals, is aligned with ADNOC’s strategy to consolidate its international growth investments under XRG.

ADNOC is also progressing with preparation for the proposed establishment of Borouge Group International, which is set to be a top-four global polyolefins producer. ADNOC’s proposed 46.94% shareholding in the new entity is expected to be held by XRG upon completion of the transaction, subject to regulatory approvals.

ADNOC remains committed to its longstanding partnership with OMV through XRG and reaffirms its support for the company’s continued growth and success.

XRG aims to more than double its asset value over the next decade by capitalising on demand for low-carbon energy and chemicals driven by three megatrends: the transformation of energy, exponential growth of AI, and the rise of emerging economies. Building on ADNOC’s expertise and transformational international acquisitions, the independently operated investment company will initially focus on developing three core strategic value platforms:

• XRG’s Global Chemicals platform aims to be a top 5 global chemicals player, producing and delivering chemical and specialty products essential for modern life, to meet the projected 70% increase in global demand by 2050.
• XRG’s International Gas platform will build a world-scale integrated gas portfolio to help meet the anticipated 15% increase in global natural gas demand over the next decade, as a lower carbon transition fuel, as well as meet the expected 65% increase in demand for LNG by 2050.
• XRG’s Low Carbon Energies platform will invest in the solutions needed to meet increasing demand for low carbon energies and decarbonisation technologies to drive economic growth through the energy transition. The market for low carbon ammonia alone is expected to grow by between 70-90 million tonnes per annum by 2040, from close to zero now.