Abu Dhabi National Oil Co. (ADNOC) confirmed on Wednesday its intention to purchase a 24.9% stake in Austrian gas and oil company OMV from Mubadala Investment Co., estimated at about $4.1 billion.
ADNOC Managing Director and Group CEO Sultan Al Jaber said that the deal built “strong bilateral ties between the United Arab Emirates and Austria, and our long-standing partnership with OMV... The transaction marks the next major milestone for ADNOC as it accelerates its ambitious domestic and international chemicals growth strategy," the oil giant noted.
The acquisition comes after ADNOC last month expressed its ambition to expand its production capacity to five million barrels per day by 2027.
