ADNOC completed the acquisition of a 25% stake in Borealis from Mubadala.

ADNOC, a state-owned oil company of the United Arab Emirates, completed the acquisition of a 25% stake in Borealis, an Austrian chemical company, from Mubadala, an Emirati state-owned holding company. Financial terms were not disclosed. "Globally, the chemicals and petrochemical sector is poised for significant consumer-led growth in the decades ahead. ADNOC is therefore delighted to be making this strategic investment for a 25% stake in Borealis, a world-leading petrochemicals company, with whom we have already collaborated in a close and trusted partnership over two decades through our jointly held Abu Dhabi-based polyolefins company Borouge. Alongside OMV, ADNOC will be a co-shareholder in Borealis, with this investment giving further impetus to our local and international petrochemical and industrial growth program and accelerating our transformation into an integrated and global energy player," Sultan Al Jaber, ADNOC Managing Director and Group CEO.