Adnoc transfers 24.9pc of OMV's shareholding to XRG
ABU DHABI, 13 hours, 38 minutes ago
Abu Dhabi National Oil Company (Adnoc) has announced its intention to transfer its 24.9 per cent 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 per cent shareholding in the new entity is expected to be held by XRG upon completion of the transaction, subject to regulatory approvals. -OGN/TradeArabia News Service
