His Highness Sheikh Mohamed 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 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 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.
“This agreement provides the opportunity to work with OMV to identify areas for mutual collaboration that will contribute to our plans to maximize the value from our assets and operations,” said H.E. Dr Al Jaber. “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.
Under ADNOC’s 2030 Strategy, crude production capacity is set to increase to 3.5 MMbpd by 2018, while it also plans to expand its sour gas production, from its Al Hosn facility, by 50%. ADNOC has also placed significant focus on its downstream business with plans to double crude refining capacity and triple production of petrochemical and higher value products to take full advantage of the fastest growing segment in the oil and gas industry.
