Latest news with #polyolefins
Khaleej Times
4 days ago
- 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.
Gulf Business
4 days ago
- Business
- Gulf Business
ADNOC to transfer 24.9% stake in OMV to XRG
Image: ADNOC The Abu Dhabi National Oil Company (ADNOC) said on Wednesday it plans to transfer its 24.9 per cent stake in Austria's OMV to its wholly owned international investment arm, The transfer, which remains subject to regulatory approvals, is in line with ADNOC's broader push to streamline its international holdings under XRG. ADNOC reaffirmed its commitment to OMV, stating that the longstanding partnership will continue through XRG, and expressed support for OMV's future growth and success. ADNOC advancing its efforts to set Borouge Group International In a related move, ADNOC said it is advancing preparations for the establishment of Borouge Group International, a proposed polyolefins powerhouse that would rank among the top four globally in its sector. Upon completion of the transaction, ADNOC's proposed 46.94 per cent stake in the new entity is also expected to be held by XRG, pending regulatory approvals. The announcement underscores ADNOC's ongoing efforts to refine its investment structure and pursue international diversification through dedicated platforms such as XRG. Read:
Reuters
4 days ago
- Business
- Reuters
Abu Dhabi's ADNOC plans to transfer 24.9% stake in OMV to XRG unit
DUBAI, July 16 (Reuters) - Abu Dhabi National Oil Company said on Wednesday it plans to transfer its 24.9% shareholding in Austria's OMV AG ( opens new tab to its XRG investment unit ahead of the establishment of a chemicals company combining existing OMV and ADNOC firms. ADNOC last year bought a 24.9% stake in OMV from Abu Dhabi sovereign wealth fund Mubadala, without disclosing the financial terms. Earlier this year, ADNOC and OMV agreed to merge their polyolefin businesses to create a chemicals company with a $60 billion enterprise value. The merged entity, Borouge Group International (BGI), is set to be the world's fourth-largest polyolefins firm by production capacity, behind China's Sinopec and CNPC and U.S.-based ExxonMobil (XOM.N), opens new tab, ADNOC Downstream CEO Khaled Salmeen told Reuters in March. BGI will combine two joint ventures - Borealis, 75% owned by OMV and 25% by ADNOC, and Borouge ( opens new tab, 54% owned by ADNOC and 36% by Borealis, the company announced in March. In its statement on Wednesday, ADNOC said it is progressing with preparation for the proposed establishment of BGI. ADNOC's proposed 46.94% shareholding in BGI is expected to be held by XRG upon completion of the transaction, subject to regulatory approvals, the statement said.
Yahoo
07-06-2025
- Business
- Yahoo
LyondellBasell in Exclusive Talks to Sell Four European Assets to AEQUITA
LyondellBasell Industries N.V. (NYSE:LYB) has announced it has reached an agreement and entered exclusive negotiations with AEQUITA to sell select olefins and polyolefins assets and operations in Europe. These assets, previously identified as part of LYB's strategic review, are located in Berre (France), Münchsmünster (Germany), Carrington (UK), and Tarragona (Spain). A factory worker monitoring a conveyor belt of specialty chemicals being produced. The deal includes both integrated and standalone facilities, along with central support functions based in Rotterdam and other locations. These sites form a sizable olefins and polyolefins platform well-positioned near key customers and connected to essential infrastructure. Peter Vanacker, LyondellBasell Industries N.V. (NYSE:LYB)'s chief executive officer, made the following comment: 'This contemplated transaction is a significant step in LYB's transformation to Grow and Upgrade our Core. We are committed to operate our assets safely and reliably throughout this process and will continue to support our customers, employees and other key stakeholders. Europe remains a core market for LYB and one we will continue to participate in following this transaction with more of a focus on value creation through establishing profitable leadership in circular and renewable solutions.' The transaction is expected to close in the first half of 2026, pending consultation with employee representatives and regulatory approvals. Citi and J.P. Morgan Securities LLC are serving as financial advisors, with Linklaters LLP acting as legal counsel for LyondellBasell. LyondellBasell Industries N.V. (NYSE:LYB) is a global leader in the chemical industry, focused on advancing sustainable solutions and supporting a circular, low-carbon economy through innovation and investment. While we acknowledge the potential of LYB as an investment, our conviction lies in the belief that some AI stocks hold greater promise for delivering higher returns and have limited downside risk. If you are looking for an extremely cheap AI stock that is also a major beneficiary of Trump tariffs and onshoring, see our free report on the best short-term AI stock. READ NEXT: and Disclosure. None. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Al Bawaba
22-05-2025
- Business
- Al Bawaba
Borouge And Mubadala Bio Sign Partnership Agreement To Strengthen The UAE's Healthcare And Life Sciences Sectors
Borouge, a leading petrochemicals company, that provides innovative and differentiated polyolefins solutions, has signed a strategic cooperation agreement with Mubadala Bio, a life sciences company dedicated to pursuing better health outcomes for the UAE and beyond. The partnership will explore the supply of polyolefin materials to enable local manufacturing of medical products, reinforcing local manufacturing capabilities while contributing to the future of the UAE's healthcare and life sciences sectors. The signing ceremony was witnessed by His Excellency Dr Sultan Al Jaber, UAE Minister of Industry and Advanced Technology and ADNOC Managing Director and Group CEO, Dr. Bakheet Al Katheeri, CEO UAE investments Mubadala, and Ismail Ali Abdulla, Executive Director of UAE Clusters, Mubadala. Hazeem Sultan Al Suwaidi, CEO of Borouge, and Hamad Husein Almarzooqi, Deputy CEO of Mubadala Bio, signed the agreement during Make it in the Emirates, a flagship UAE event that unites industry leaders to drive innovation and industrial growth. Hazeem Sultan Al Suwaidi, CEO of Borouge, said, 'We are delighted to partner with Mubadala Bio to explore the development of essential medical solutions made at our Ruwais facility in the UAE. Aligned with the ambitions of 'Make it in the Emirates', this collaboration goes beyond the supply of materials, it is about combining the UAE's scientific product innovation with regional insight to bring smarter, safer products for patients and clinicians across the Middle East and beyond.' Ismail Ali Abdulla, Executive Director of UAE Clusters at Mubadala's UAE Investments Platform, added, 'This collaboration agreement with Borouge reflects Mubadala Bio's commitment to enabling a world-class, sustainable life sciences sector anchored in advanced local manufacturing. By collaborating with local partners, we aim to grow the manufacturing of UAE-made products. We are strengthening the life sciences sector, supporting the UAE's vision, and enhancing the delivery of essential health products for communities locally and abroad.' Powered by Borealis' Borstar® technology, Bormed™ RG868MO, produced by Borouge in the UAE, marks a key milestone as the initial product offering in Borouge's wider healthcare portfolio. BormedTM RG868MO provides transparency and mechanical strength, and meets industry sterilisation standards, making it ideal for pharmaceutical packaging and medical devices like three-part syringes, inhalers, pharmaceutical caps and closures. The product is already in production at Borouge's manufacturing plant in Al Ruwais Industrial City, Abu Dhabi, representing the first time it has been made for healthcare applications in the UAE. Borouge is set to launch its second healthcare product by the end of the year, building on the momentum of its current Middle East rollout. Aligned with Borouge's commitment to sustainability and innovation, this healthcare solution enables customers to reduce production cycle times through faster processing and can provide an estimated carbon footprint reduction of 5 - 10%. Mubadala Bio officially launched this week at the 'Make it in the Emirates' event, marking a major milestone in the UAE's journey to strengthen its life sciences sector. The new platform brings together integrated biopharma and pharma logistics capabilities to form a vertically integrated company, with a mission to enhance drug security and expand access to affordable, essential treatments. Mubadala Bio's integrated portfolio includes 10 facilities across Asia, Africa and Europe (6 are within the UAE), serving 100+ countries. Through its assets the company has a cumulative manufacturing capacity of 2.5 billion tablets and capsules, and 120 million IVs and injectables annually enabling the production and distribution of more than 10,000 different products.
