Abu Dhabi National Oil, the state-owned oil company of the United Arab Emirates, completed the acquisition of a 24.9% stake in OMV, a multinational integrated oil, gas and petrochemical company, from Mubadala, a sovereign wealth fund, at a €15.5bn valuation. “ADNOC is proud to become a shareholder in OMV, a leading international energy and chemicals company, with whom we share a long-standing strategic partnership. Together, we have created significant value through our joint venture Borouge, and today’s investment will unlock further value and future growth opportunities for both companies. Building on our 25% shareholding in Borealis, this transaction marks the next transformative step as we accelerate our ambitious chemicals growth strategy, unlocking significant growth and value creation opportunities for ADNOC, OMV and their respective shareholders,” Khaled Salmeen, ADNOC Executive Director, Downstream Industry, Marketing & Trading.