ADNOC and OMV to explore joint opportunities
Abu Dhabi National Oil Company (ADNOC) and Austrian oil and gas group OMV have signed a Memorandum of Understanding (MoU) to explore potential opportunities to work together in support of ADNOC’S 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.
“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,” Rainer Seele stated.
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.