Austria/UAE: Extended Partnership OMV and Adnoc Sign MoU for Petrochemical Projects in the Middle East
OMV and Abu Dhabi National Oil Company (Adnoc) have signed two memoranda of understanding. According to the MoUs, opportunities for joint projects in the petrochemical sector will be explored. The signing took place in the presence of Sheikh Mohammed bin Zayed Al Nahyan, Crown Prince of Abu Dhabi, and Austrian Chancellor Sebastian Kurz.
Abu Dhabi/UAE — One agreement provides for collaboration in the petrochemical sector, including the evaluation of new opportunities in petrochemical projects as a potential extension to the existing partnerships, as well as the exchange of knowledge and experience in petrochemical operations and refinery-petrochemical integration and optimization. The two companies will also assess opportunities for petrochemicals marketing support.
The second agreement intends to explore potential opportunities for collaboration in the area of OMV’s patented Reoil process. This innovative process converts used plastics into synthetic crude, which can then be used to produce fuels or feedstock for petrochemical plants, thereby making a significant contribution to a sustainable future. The MoU provides for the establishment of a joint working group that should assess the feasibility of a scalable Reoil plant in the UAE.
The agreements were 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.
Both companies work together across the value chain in many areas — upstream and downstream. In April 2018, OMV acquired a 20 % interest in the offshore concession for the two Sarb and Umm Lulu oil fields, followed in December 2018 by a 5 % stake in the Ghasha sour gas and condensate field concession with a term of 40 years. In January this year, OMV acquired a 15 % interest in Adnoc Refining, which owns the world's fourth largest refinery.