ADNOC, OMV to seek downstream cooperation

May 25, 2017
Abu Dhabi National Oil Co. and OMV AG have signed a memorandum of understanding to explore opportunities to work together in downstream ventures in Abu Dhabi.

Abu Dhabi National Oil Co. and OMV AG have signed a memorandum of understanding to explore opportunities to work together in downstream ventures in Abu Dhabi.

Potential areas of cooperation include evaluation of downstream projects and the exchange of knowledge and experience in refinery operations and refinery-petrochemical integration and optimization.

OMV has close ties with the emirate, which owns 24.9% of the company’s shares through Mubadala Investment Co. Mubadala is OMV’s second-largest shareholder after Austria’s state holding company.