His Highness Sheikh Mohammed bin Zayed Al Nahyan, Crown Prince of Abu Dhabi and Deputy Supreme Commander of the UAE Armed Forces, and the Austrian Federal Chancellor H.E. Christian Kern witnessed today the signing of a Memorandum of Understanding between Abu Dhabi National Oil Company (ADNOC) and OMV AG (OMV). The agreement explores potential opportunities to work together to support ADNOC’s downstream businesses and the company’s smart growth strategy.
The agreement was signed by H.E. Dr. Sultan Ahmed Al Jaber, UAE Minister of State and Group CEO of ADNOC, and Dr. Rainer Seele, CEO of OMV.
The agreement provides for cooperation 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.
Speaking at the signing, H.E. Dr. 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.”
“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.”
ADNOC’s 2030 Strategy 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.
Rainer Seele, Chief Executive Officer of OMV: “Together with ADNOC we have the opportunity to expand our cooperation 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 sour gas production, from its Al Hosn facility, by 50 per cent. ADNOC has also placed significant focus on its downstream business with plans to double refining capacity and triple production of petrochemical and higher value products to take full advantage of the fastest growing segment in the energy industry.