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Petrochemical cooperation planned between OMV and ADNOC

Published by , Editorial Assistant
Hydrocarbon Engineering,

Reuters has reported on a planned collaboration between the Austrian oil and gas company and the Abu Dhabi National Oil Company (ADNOC) in the petrochemical sector.

Part of OMV’s refinery division’s move towards aviation fuel and petrochemicals, two memorandums of understanding were signed on 23 March; the first to explore the prospect of extending existing partnerships, and exchange knowledge and experience, the second to jointly examine the potential use of OMV ReOil technology in Ruwais.

Furthermore, OMV will pay US$2.5 billion for 15% of ADNOC’s refinery business and a joint venture with Italy’s Eni in January 2020.

UAE Minister of State and ADNOC Group CEO, Dr. Sultan Ahmed Al Jaber said “The agreements with OMV build on, and further strengthen, our long-term partnership across the full oil and gas value chain. OMV brings world-class expertise and advanced technology that will enable us to further stretch the value of our crude and secure greater returns from the global growth in demand for petrochemicals as we accelerate delivery of our 2030 smart growth strategy. 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.”

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