Abu Dhabi’s state-owned oil and gas investment company International Petroleum Investment Company (IPIC) and the Austrian state holding company Österreichische Bundes- und Industriebeteiligungen (ÖBIB) have agreed to extend their cooperation as the two core shareholders of OMV Aktiengesellschaft, the Austrian oil and gas company.

The announcement comes after the conclusion of successful talks in Vienna, which were initiated by Suhail Mohamed Al Mazrouei, Minister of Energy and managing director of IPIC, and the Austrian Minister of Finance Hans Jörg Schelling.  

The signing of the restated and amended shareholders’ agreement marks the continuation of a 22-year working relationship between the two state-owned enterprises, and will ensure a stable shareholding structure for one of Austria’s largest listed industrial companies, said a statement.

The agreement follows international standards and regulates key decision-making procedures between the partners, it said.
 
Al Mazrouei said: “Today’s agreement marks the strengthening of energy ties between the UAE and Austria. As our mutual shareholding in OMV represents decades of collaboration and success between the UAE and Austria, we look forward to what the future holds for both countries and our energy interests.

“IPIC is a long-term investor in the energy sector, and for more than three decades has built a diversified portfolio throughout the hydrocarbon value chain able to withstand the cyclical nature of the industry. The continuation of our agreement with our Austrian partners serves as the latest example of our strong portfolio and investment strategy around the world,” he said.

At the signing ceremony, the two ministers also emphasised their continuous support for OMV’s executive management board in implementing the company’s new strategy and in managing the company in the current challenging environment.

The ceremony was also attended by OMV supervisory board chairman Peter Löscher, OMV CEO Rainer Seele and ÖBIB secretary-general Martha Oberndorfer.

The agreement was thoroughly examined beforehand by the Austrian Takeover Commission, which approved the entry into the agreement in a statement issued on May 23, the statement added. - TradeArabia News Service

Since IPIC’s initial investment in OMV in 1994 with a 19.6 per cent interest, IPIC has seen OMV grow to become one of the leading listed industrial companies in Austria. In 2015, OMV recorded group sales in excess of €23 billion and a workforce of more than 24,100 employees. - TradeArabia News Service