Adnoc, Austrian firms boost cooperation in energy sector
abu dhabi — Abu Dhabi National Oil Company (Adnoc) on Saturday signed two memoranda of understanding with OMV and another with Borealis to explore new opportunities for collaboration in the downstream sector.
The signing was attended by His Highness Sheikh Mohamed bin Zayed Al Nahyan, Crown Prince of Abu Dhabi and Deputy Supreme Commander of the UAE Armed Forces, and Sebastian Kurz, Chancellor of Austria.
The agreements with OMV were signed by Dr Sultan bin Ahmad Sultan Al Jaber, UAE Minister of State and Adnoc Group CEO, and Dr Rainer Seele, chairman of the executive board and CEO of OMV. The agreement with Borealis was signed by Dr Al Jaber and Alfred Stern, CEO of Borealis.
Under the terms of the first MoU, Adnoc and OMV will evaluate new opportunities in petrochemical projects as a potential extension to their existing partnerships, and exchange knowledge and experience in refinery-petrochemical integration and optimisation. The two companies will also assess opportunities for petrochemicals marketing support.
The second MoU will see Adnoc and OMV jointly explore the potential of OMV’s ReOil technology in Ruwais, Adnoc’s integrated refining and petrochemicals hub in the Al Dhafra region of Abu Dhabi.
The third MoU will see Adnoc and Borealis jointly explore potential growth opportunities within the integrated polyolefin industry in key geographical markets.
Dr Al Jaber said: “The agreements with OMV build on, and further strengthen, our long-term partnership across the full oil and gas value chain... this is yet another stepping stone in our journey to grow Adnoc’s downstream portfolio and establish Ruwais as a global refining and petrochemicals hub.”
“The proposed agreement with Borealis, an existing strategic partner, will potentially create growth opportunities for our mutual benefit, and ensure we are well positioned to meet the growing demand for a variety of high-value refined and petrochemical products,” he added. —