ADNOC plans to acquire 25% of the Austrian “Borealis”

Abu Dhabi national oil company “ADNOC” said on Friday that it will acquire a 25% stake in Austrian chemical producer Borealis through Mubadala Investment Company.

The statement added that the financial details of the deal were not disclosed.

ADNOC CEO Sultan Al Jaber said: “In addition to OMV, ADNOC will be a partner of Borealis, which will add further momentum to our local and global industrial and petrochemical growth program and accelerate our transformation. in an integrated global player in the field of energy.

Two well-informed sources previously told Reuters that ADNOC and Borealis had invited banks to bid to organize the listing. in bag of their joint venture for plastics, Borouge.

The two sources, who spoke in on condition of anonymity, they said the two companies invited several local and regional banks to participate in the initial public offering.

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