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UAE’s ADNOC acquires 25 percent stake in Borealis: Statement

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The Abu Dhabi National Oil Company will acquire a 25 percent stake in Austria’s Borealis AG through UAE state investor Mubadala, the oil firm said in a statement on Friday.

The financial details of the transaction are not being disclosed, the statement added.

“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,” ADNOC CEO Sultan al-Jaber said.

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