UAE's Adnoc acquires 25pc stake in Austria's Borealis

: Chemicals, Petrochemicals
22/04/29

Abu Dhabi's state-owned Adnoc said today it has acquired a 25pc stake in petrochemical firm Borealis from Abu Dhabi's sovereign wealth fund Mubadala.

No financial details were disclosed. Austrian integrated OMV holds the rest of Borealis. The two already have a petrochemical joint venture, Borogue, which they are considering listing, with Adnoc having a strategy to raise cash for upstream expansion and energy transition projects by selling minority stakes in some of its subsidiaries.

"The investment in Borealis extends Adnoc's international footprint in the fast-growing chemicals and petrochemical sector, unlocking new opportunities in key markets where Borealis operates, particularly in Europe and the Americas," Adnoc said. Its chief executive Sultan al-Jaber said the investment will give "further impetus to our local and international petrochemical and industrial growth program and accelerating our transformation into an integrated and global energy player."

Adnoc has embarked on a major expansion drive in the petrochemicals sector, including the recently announced Borouge 4 complex and the Ta'ziz Industrial Chemicals Zone in Ruwais.

By Bachar Halabi

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US tariffs hit Brazil rosin ester sales for 1Q 2026

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