Agreement intends to explore partnership in deliveries for LNG (Liquefied Natural Gas)
OMV and the Abu Dhabi National Oil Company (ADNOC) on Thursday (Oct27) signed a Memorandum of Understanding (MoU) to explore new partnership in deliveries for LNG. The signing of the agreements took place in the presence of His Highness Sheikh Mohamed bin Zayed Al Nahyan, President of the United Arab Emirates and Ruler of Abu Dhabi and His Excellency Karl Nehammer, Federal Chancellor of Austria.
The agreement was signed by His Excellency Dr. Sultan Ahmed Al Jaber, UAE Minister of Industry and Advanced Technology and Managing Director and Group CEO of ADNOC, and Alfred Stern, Chairman of the Executive Board and CEO of OMV Aktiengesellschaft.
With this MoU OMV and ADNOC intend to explore a partnership in LNG supply to support energy supply security of Austria with the aim of arranging the purchase of one LNG cargo for the winter season 2023/2024.
Alfred Stern: “We take an important step in further intensifying our strong partnership between OMV and ADNOC. At the same time, this agreement is another building block in our efforts to strengthen Austria´s energy supply by diversifying gas sources in our portfolio.”
OMV and ADNOC already work together across the value chain in many areas. In Exploration & Production OMV acquired a 20% interest in the offshore concession for the two SARB and Umm Lulu oil fields in April 2018, followed by the acquisition of a 5% stake in the Ghasha sour gas and condensate field concession with a term of 40 years in December 2018. In Refining & Marketing OMV acquired in 2019 a 15% interest in ADNOC Global Trading and ADNOC Refining, which owns the world's fourth largest refinery. In Chemicals & Materials OMV, through its subsidiary Borealis, is a shareholder in Borouge, which is operating one of the world’s largest integrated polyolefin complexes in Al Ruways.
OMV Aktiengesellschaft
With Group sales revenues of EUR 36 bn and a workforce of around 22,400 employees in 2021, OMV is amongst Austria’s largest listed industrial companies.
In Chemicals & Materials, OMV through its subsidiary Borealis, is one of the world’s leading providers of advanced and circular polyolefin solutions and a European market leader in base chemicals, fertilizers, and plastics recycling. Together with its two major joint ventures – Borouge (with ADNOC, in the UAE and Singapore) and Baystar™ (with TotalEnergies, in the USA) – Borealis supplies products and services to customers across the globe. OMV’s Refining & Marketing business produces and markets fuels as well as feedstock for the chemical industry, operates three refineries in Europe, and holds a 15% stake in a refining joint venture in the UAE. OMV operates around 1,800 filling stations in ten European countries. In addition, the activities include Gas & Power Eastern Europe where it also operates a gas-fired power plant in Romania. In Exploration & Production, OMV explores and produces oil and gas in the four core regions of Central and Eastern Europe, Middle East and Africa, North Sea, and Asia-Pacific. Average daily production in 2021 included production from a joint venture in Russia and amounted to 486,000 boe/d with a focus on natural gas (~60%). As of March 1, 2022, Russian entities are no longer consolidated. Its activities include Gas Marketing Western Europe, where it also operates gas storage facilities in Austria and Germany.
OMV intends to transition from an integrated oil, gas, and chemicals company to become a leading provider of innovative and sustainable fuels, chemicals, and materials, while taking a leading global role in the circular economy. By switching over to a low-carbon business, OMV is striving to achieve net zero in all three Scopes by 2050 at the latest.