Abu Dhabi National Oil Company (ADNOC) and Mubadala Investment Company announced an agreement involving Austrian oil and gas group OMV. Under the agreement, ADNOC will acquire a 24.9% shareholding in OMV.

According to information, Mubadala’s ownership in OMV is worth about $4.1 billion.

The transaction “marks the next major milestone for ADNOC as it accelerates its ambitious domestic and international chemicals growth strategy and also aligns with Mubadala’s long-term investment strategy,” the statement said.

Through this investment in OMV, which holds a 75% stake in Borealis, the oil company will increase its shareholdings in both Borealis and Borouge, bolstering its footprint in the chemicals sector.

Austrian state-owned holding firm Österreichische Beteiligungs AG (ÖBAG), which owns a 31.5% stake in OMV, said in a separate statement that it was informed about the transaction.

“Should all regulatory approvals be granted, ADNOC would become a long-term oriented, strategic partner in all of OMV’s areas of business. ÖBAG’s long-term strategic goals of increasing the value of OMV and furthering Austria’s economic interests remain unchanged,” ÖBAG said in the statement.