Abu Dhabi National Oil Company P.J.S.C. (ADNOC) announced today its intention to transfer its 24.9% shareholding in OMV AG (OMV) to XRG P.J.S.C (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.

About ADNOC

ADNOC is a leading diversified energy and petrochemicals group wholly owned by the Emirate of Abu Dhabi. ADNOC’s objective is to maximize the value of the Emirate’s vast hydrocarbon reserves through responsible and sustainable exploration and production to support the United Arab Emirates’ economic growth and diversification.

About OMV Aktiengesellschaft

At OMV, we are re-inventing essentials for sustainable living. OMV is transitioning to become a leading sustainable fuels, chemicals and materials company with a focus on circular economy solutions, while operating today across three integrated business segments of Energy, Fuels & Feedstock, and Chemicals & Materials. By gradually switching over to low-carbon businesses, OMV is striving to achieve net zero by latest 2050. The company achieved revenues of EUR 39 billion in 2023 with a diverse and talented workforce of around 20,600 employees worldwide. OMV shares are traded on the Vienna Stock Exchange (OMV) and as American Depository Receipts (OMVKY) in the U.S.