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DUBAI, July 16 (Reuters) - Abu Dhabi National Oil Company (ADNOC) announced on Wednesday its intention to transfer its 24.9 percent stake in OMV to XRG, its wholly-owned international investment vehicle .

Last year, ADNOC purchased the stake from Mubadala, a Dubai sovereign wealth fund, without disclosing the financial terms of the deal.

This year, ADNOC and OMV agreed to combine their polyolefin operations to create a chemicals company valued at approximately $60 billion.

Khaled Salmeen, CEO of ADNOC's Downstream Directorate, told Reuters in March that the combined entity, Borouge International Group (BGI), would rank as the world's fourth-largest polyolefin company by production capacity, behind China's Sinopec, China National Petroleum Corporation, and US-based ExxonMobil.

The company announced in March that BGI would include two joint ventures: Borealis, in which OMV owns 75 percent and ADNOC owns 25 percent, and Borouge, in which ADNOC owns 54 percent and Borealis owns 36 percent.

ADNOC said in a statement on Wednesday that the transfer of shares is in line with "ADNOC's strategy to consolidate its international investment portfolio under the XRG umbrella."

The statement added, "ADNOC continues to progress with the proposed establishment of the Borouge International Group Company... XRG is expected to manage ADNOC's stake in Borouge International Group, which will amount to 46.94 percent upon completion of the transaction, subject to obtaining relevant regulatory approvals."

(Press coverage by Hadeel Al-Sayegh - Prepared by Salma Najm for the Arabic bulletin - Edited by Rehab Alaa)