Abu Dhabi National Oil Co PJSC (ADNOC) has transferred its stakes in four publicly traded companies to its wholly owned international energy investment vehicle.
XRG PJSC has taken over ADNOC Distribution PJSC, ADNOC Gas PLC and ADNOC Logistics and Services PLC, ADNOC said in a recent statement. ADNOC Drilling Co PJSC’s transfer was awaiting regulatory approvals, ADNOC said.
“The internal administrative share transfers will have no impact on the day-to-day operations, leadership teams or strategic direction of the respective listed companies”, it said.
“The dividend policies of the listed companies remain unchanged, consistent with ADNOC’s track record of delivering predictable and sustainable returns.
“These internal transfers will further strengthen XRG’s size and financial position, and drive its long-term development, through access to stable and attractive dividend streams, supported by the listed companies’ existing disciplined growth and capital return agendas”.
The statement added, “ADNOC also confirms that its entire stake in Fertiglobe PLC is held through XRG”.
Last year ADNOC completed the takeover of Fertiglobe, a global fertilizer major, through a 50-percent-plus-one-share acquisition from partner OCI Global. The AED 13.28 billion ($3.62 billion) acquisition raised its stake to 86.2 percent, it confirmed October 15, 2024.
In July 2025 ADNOC said it intends to transfer its 24.9 percent ownership in Austria’s state-backed oil and gas company OMV AG to XRG.
ADNOC also plans to transfer its stake in a yet-to-be-launched joint venture with OMV called Borouge Group International to XRG.
In March 2025 ADNOC and OMV signed an agreement to consolidate their polyolefin businesses, with ADNOC also agreeing to acquire NOVA Chemicals Corp to be transferred to the new joint venture. Under the agreement, Borealis AG – now Borealis GmbH – and Borouge PLC will merge to form Borouge Group International.
OMV owns 75 percent of Vienna-based Borealis while ADNOC holds the remaining 25 percent. In Abu Dhabi-based Borouge, ADNOC directly owns 54 percent and Borealis 36 percent. ADNOC’s proposed shareholding in the combined entity is 46.94 percent.
ADNOC and OMV expect to complete the Borealis-Borouge combination and the NOVA Chemicals acquisition in the first quarter of 2026.
ADNOC unveiled XRG November 2024 with an enterprise value of over $80 billion to drive the United Arab Emirates’ expansion in the chemical, low-carbon energy and natural gas markets.
In June 2025 XRG announced a goal of building a top-five integrated gas and liquefied natural gas business with a capacity of 20-25 million metric tons a year by 2035.
Source: By Jov Onsat from Rigzone.com