Latest news with #OMV
Yahoo
7 days ago
- Business
- Yahoo
ADNOC to transfer 24.9% stake in OMV to XRG
Abu Dhabi National Oil Company (ADNOC) has announced its plan to transfer a 24.9% shareholding in Austrian oil and gas company OMV to XRG, its wholly owned investment subsidiary. This strategic move is designed to align with ADNOC's international growth consolidation under XRG and is subject to regulatory approvals. Launched in November last year with an enterprise value exceeding $80bn (Dh293.8bn), XRG focuses on lower-carbon energy and chemicals. ADNOC has emphasised its continued commitment to its partnership with OMV, which will be maintained through XRG. The transfer is part of ADNOC's broader strategy to streamline its international investments and comes as the company prepares for the establishment of Borouge Group International, which is set to become one of the top four polyolefins producers worldwide. XRG is expected to hold ADNOC's proposed 46.94% share in Borouge Group upon completion of the transaction, pending regulatory clearances. In related developments, Santos, an Australian oil and gas company, has received a non-binding indicative offer from a consortium that includes XRG, ADQ and Carlyle. The proposal suggests acquiring all Santos shares at $5.76 each, a 28% premium to the last closing price, valuing the deal at $18.7bn (A$28.93bn). The group's bid comes after two previous undisclosed offers in March. The initial bid on 21 March proposed a cash price of $5.04 per share, and the subsequent bid on 28 March proposed a cash price of $5.42 per share. Additionally, XRG recently completed the acquisition of a 38% stake in a Turkmenistan offshore natural gas block, Block I. This acquisition complements Abu Dhabi's strategy to diversify its energy portfolio beyond oil exports. "ADNOC to transfer 24.9% stake in OMV to XRG" was originally created and published by Offshore Technology, a GlobalData owned brand. The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site. Error while retrieving data Sign in to access your portfolio Error while retrieving data Error while retrieving data Error while retrieving data Error while retrieving data
Arabian Post
17-07-2025
- Business
- Arabian Post
ADNOC realigns OMV and Borouge stakes under XRG
Arabian Post Staff -Dubai ADNOC will shift its 24.9 per cent holding in Austrian oil‑and‑gas group OMV AG into XRG P. J. S. C, the UAE state oil giant's $80 billion lower‑carbon energy and chemicals investment vehicle launched last November. The move aligns with ADNOC's intent to centralise its international growth assets within XRG's structure. The shareholding transfer, subject to regulatory approval, follows ADNOC's acquisition of the OMV stake from Mubadala in December 2022. In tandem, upon the completion of the proposed merger forming Borouge Group International —a polyolefins powerhouse valued at $60 billion—ADNOC's resulting 46.94 per cent BGI stake will also be held by XRG. ADVERTISEMENT The BGI framework merges OMV's 75 per cent‑owned Borealis with ADNOC's 54 per cent Borouge, and incorporates Nova Chemicals, securing the group's position among the world's top four polyolefins producers. OMV and ADNOC each will control approximately 46.94 per cent, with the remaining 6 per cent free‑float pending UAE Securities and Commodities Authority consent. Khaled Salmeen, ADNOC's downstream chief, described the move as a logical next step following the $60 billion chemicals merger, reinforcing the energy transition and investment diversification strategy. ADNOC's transfer of both its OMV holding and BGI stake into XRG reflects its ambition to streamline governance and position XRG at the core of its international chemicals and low‑carbon energy agenda. XRG, backed by global figures including former BP chief Bernard Looney and Blackstone's Jon Gray, aims to build a top‑five global chemicals platform, while expanding gas, LNG, and low‑carbon energy capacity to 20–25 million tonnes annually by 2035. The unit is also said to be exploring an international listing in London or New York within the next five years. Investors are watching for regulatory clearances across multiple jurisdictions—Austria, the UAE, and EU competition authorities—before finalising both the OMV share transfer and the formation of BGI. The new polyolefins entity is projected to deliver $500 million of annual cost synergies within three years post-merger.
Khaleej Times
16-07-2025
- Business
- Khaleej Times
Adnoc announces transfer of 24.9% OMV shareholding to XRG
Adnoc announced on Wednesday its intention to transfer its 24.9 per cent shareholding in OMV AG to XRG, its wholly-owned international investment company. This transfer, which is subject to regulatory approvals, is aligned with Adnoc's strategy to consolidate its international growth investments under XRG. Adnoc is also progressing with preparation for the proposed establishment of Borouge Group International, which is set to be a top-four global polyolefins producer. Adnoc's proposed 46.94 per cent shareholding in the new entity is expected to be held by XRG upon completion of the transaction, subject to regulatory approvals. Adnoc said it remains committed to its longstanding partnership with OMV through XRG and reaffirms its support for the company's continued growth and success.
New Straits Times
16-07-2025
- Automotive
- New Straits Times
MAA urges govt to expedite decision on revised OMV excise
KUALA LUMPUR: The Malaysian Automotive Association (MAA) has urged the government to expedite its decision-making and communication about the implementation of the new excise tax regulations under the PU(A) 402/2019 - Excise Tax Regulations (Determination of Value of Locally Manufactured Goods for Excise Duty) Regulations. MAA president Mohd Shamsor Mohd Zain said that delays and ambiguity in the decision-making process regarding the revised open market value (OMV) excise duties could result in car prices increasing by up to 30 per cent. He said the industry is still waiting for formal details on how the new method of calculating import and excise duties will be implemented from January 2026. "Definitely, we will have an engagement with the government on this, and hopefully we will be able to look into it as soon as possible. "The next five months are a very short time for any production-related response. "When we talk about supply chains, it involves the entire logistics impact and more. "We need at least six months, at a minimum, to adapt to any changes. So, we hope to receive updates on the next steps as soon as possible," he said. Mohd Shamsor said this after the Review of Motor Traders and Manufacturers' Performance for the First Half of 2025 event held here today. He said that due to the requirements under PU(A) 402/2019, as well as relevant regulations and the Customs Act, the current formula needs to be revised to ensure it is fair and transparent. Nonetheless, he believed that the Finance Ministry (MOF) would look into the matter more proactively to minimise or ideally avoid any impact on the industry. Mohd Shamsor said that time is running short and that the roughly five-month window before the implementation of the reform does not provide sufficient time for manufacturers to respond, particularly in terms of the supply chain and logistics. "We need at least six months to adapt to existing changes, so we hope to get an update on the next steps as soon as possible," he reiterated. In February, MOF denied media reports claiming that vehicle prices in Malaysia are expected to rise significantly from 2026 onwards, following the full implementation of the new excise tax regulation under PU(A) 402/2019. The ministry had earlier clarified that the claim was inaccurate and said that MOF, together with the Investment, Trade and Industry Ministry, is reviewing the vehicle valuation method to ensure that taxes are imposed fairly, neutrally, and consistently. — BERNAMA
The National
16-07-2025
- Business
- The National
Adnoc transfers stake in Austrian energy company OMV to XRG
Adnoc plans to transfer its 24.9 per cent stake in Austrian energy company OMV to its international investment entity XRG, as the Abu Dhabi company seeks to consolidate its global investments under the unit. 'Adnoc remains committed to its long-standing partnership with OMV through XRG and reaffirms its support for the company's continued growth,' it said on Wednesday. Adnoc had bought the stake in OMV from Mubadala Investment Company in December 2022. Through the investment in OMV, which held a 75 per cent stake in Austrian plastics maker Borealis, Adnoc increased its stakes in both Borealis and Borouge. In March this year, Adnoc and OMV agreed to terms of a binding agreement to merge their polyolefins business and create a $60 billion global entity. Under the framework agreement, the two companies said they will form a joint venture company, Borouge Group International (BGI), combining Adnoc's Borouge with OMV's Borealis unit. Adnoc has also signed a share purchase agreement with Nova Chemicals, a unit of Mubadala Investment Company, for the full acquisition of Nova. On completion of the Borouge and Borealis merger, the new entity will take ownership of Nova for $13.4 billion including debt, which will expand its footprint in North America. Adnoc is 'progressing with preparation for the proposed establishment of Borouge Group International, which is set to be a top-four global polyolefins producer', the company said on Wednesday. Following the deal, BGI is expected be the world's fourth-largest polyolefin producer, as measured by nameplate capacity, with a capacity of 13.6 million tonnes per annum. That includes the expected addition of 1.4 mtpa capacity from Borouge-4 by the end of next year, at a cost of about $7.5 billion. BGI will be headquartered and domiciled in Austria, with its regional headquarters in the UAE. The new entity, which will retain key corporate hubs in Calgary, Pittsburgh and Singapore, will be listed on the Abu Dhabi Securities Exchange. Under the terms of the agreement, Adnoc and OMV will hold equal stakes of 46.94 per cent in BGI. The remaining 6.12 per cent will be free float, subject to the UAE's Securities and Commodities Authority's approval. Adnoc's proposed 46.94 per cent shareholding in BGI is expected to be held by XRG upon completion of the transaction, subject to regulatory approvals, the company said on Wednesday. XRG was launched last year as a global lower-carbon energy and chemicals investment company, with an enterprise value exceeding $80 billion. The company has been actively scaling up its operations globally and plans to double its asset value over the next decade, capitalising on energy transition, artificial intelligence advances and the rise of emerging economies. XRG's chemicals platform aims to become a top-five global player, producing and delivering chemical and speciality products to meet a projected 70 per cent increase in global demand by 2050, Adnoc said last year. It is also investing in natural gas projects to meet growing demand for LNG. Last month, XRG made a $19 billion indicative offer to buy Australia's second-largest gas producer Santos. Under the proposal, a consortium led by XRG, including Abu Dhabi's sovereign wealth fund ADQ and global investment firm Carlyle, proposes to acquire 100 per cent of the ordinary shares in Santos.
