OMV and Adnoc officials at the signing ceremony.
Adnoc, OMV ink downstream projects cooperation deal
VIENNA, May 27, 2017
OMV, an international oil and gas company based in Vienna, Austria, said it has reached an agreement with Abu Dhabi National Oil Company (Adnoc) to explore opportunities for co-operation, among others in downstream projects.
The agreement explores potential opportunities to work together to support Adnoc’s downstream businesses and the company’s smart growth strategy, said a statement from the company.
It also provides for co-operation in a number of areas, including the evaluation of opportunities in downstream projects; the exchange of knowledge and experience in refining operations and refinery-petrochemical integration and optimization, and downstream technical and maintenance support, it stated.
The MoU was signed by Dr Sultan Ahmed Al Jaber, UAE Minister of State and Group chief executive of Adnoc, and Dr Rainer Seele, CEO of OMV in the presence of Sheikh Mohamed bin Zayed Al Nahyan, Crown Prince of Abu Dhabi and Deputy Supreme Commander of the UAE Armed Forces, and the Austrian Federal Chancellor Christian Kern.
"This agreement provides the opportunity to work with OMV to identify areas for mutual collaboration that will contribute to our plans to maximise the value from our assets and operations," remarked Dr Al Jaber.
It will provide access to the in-depth knowledge and experience of OMV, in refining operations and petrochemicals, enhancing our own experience and skills, as we focus on delivering the company’s strategic objectives, he stated.
“Adnoc has a rich history of working with partners to unlock opportunities in both its upstream and downstream operations. Such partnerships will continue to be an important enabler and we see exciting opportunities ahead. We look forward to working with companies such as OMV to realize our ambitious goals,” he added.
Adnoc’s 2030 Strategy, he stated, is transforming the company into a commercially-minded, performance-based organization centered on maximizing the value from every barrel of oil and delivering the greatest possible return to Abu Dhabi.
It will ensure a more profitable upstream; a more valuable downstream and a more sustainable and economic gas supply, he added.
On the Adnoc partnership, Seele said: "With this we have the opportunity to expand our co-operation across the entire value chain: From upstream to downstream, including petrochemicals. We will have a close exchange of expertise that will enable us to make our outstanding, long-term partnership with Adnoc even stronger.”
Under Adnoc's 2030 Strategy, crude production capacity is set to increase to 3.5 million bpd by 2018, while it also plans to expand its sour gas production, from its Al Hosn facility, by 50 per cent.
The Abu Dhabi group has also placed significant focus on its downstream business with plans to double crude refining capacity and triple production of petrochemical and higher value products to take full advantage of the fastest growing segment in the oil and gas industry.-TradeArabia News Service
