DUBAI
Abu Dhabi National Oil Company (Adnoc), the state-owned oil giant, signed a Memorandum of Understanding (MoU) with OMV AG on Thursday.
The MoU was signed in the presence of His Highness Shaikh Mohammad Bin Zayed Al Nahyan, Crown Prince of Abu Dhabi and Deputy Supreme Commander of the UAE Armed Forces, and Christian Kern, Austrian Federal Chancellor.
The Austrian firm agreed to explore the potential opportunities to work with Adnoc to support the company’s downstream businesses and the its smart growth strategy.
The agreement was signed by Sultan Ahmad Al Jaber, UAE Minister of State and group CEO of Adnoc, and Rainer Seele, CEO of OMV.
Outlining plans for cooperation in a number of areas, the MoU included the evaluation of opportunities in downstream projects, the exchange of knowledge and experience in refining operations and refinery-petrochemical integration and optimisation, and downstream technical and maintenance support.
Speaking at the signing, Al Jaber said: “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. 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 added: “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 realise our ambitious goals.”
-With inputs from WAM
