Adnoc and OMV to work together to help grow Adnoc’s downstream businesses

31-May-17

An MOU has been signed by two companies- Abu Dhabi National Oil Company (Adnoc) to work together with the Austrian producer OMV to help grow Adnoc’s downstream businesses. The memorandum of understanding covers cooperation on new downstream projects, refining operations, refinery-petrochemical integration and optimisation, and technical and maintenance support. Adnoc has set a target to grow domestic petrochemicals production capacity to 11.4 mln tpa by 2025 from 4.5 mln tons last year.

"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," said Sultan Al Jaber, the Adnoc chief executive and Minister of State.

"Together...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," said Rainer Seele, the chief executive of OMV, which produces petrochemical products as well as oil and gas.