ADNOC and Borealis sold a 10% stake in their joint venture Borouge, the UAE's biggest petrochemical company, and will list the unit on the Abu Dhabi Securities Exchange June 3, the oil producer said in a May 31 statement. ADNOC will continue to own a majority 54% stake in Borouge following its listing, while Borealis will hold a 36% stake. In April, ADNOC said it had bought a 25% stake in Borealis from the UAE sovereign wealth fund Mubadala Investment Co. Mubadala holds a 24.9% stake in Austria's OMV, which will own the remaining 75% interest in Borouge. Since 2019, ADNOC has been monetizing its oil and gas assets as it seeks to unlock cash to fund strategic projects, including increasing oil output capacity to 5 million b/d by 2030, from about 4 million b/d, currently. ADNOC is forging ahead with an expansion of its hydrocarbons and low-carbon businesses under a plan to spend Dirham 466 billion ($127 billion) over 2022-2026.