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  • OMV and ADNOC close Landmark Strategic Partnership Agreements
    édité le 31/07/2019 - Plus de news de "OMV" - Voir la fiche entreprise de "OMV"


OMV and ADNOC close Landmark Strategic Partnership Agreements
OMV, the international integrated oil and gas company based in Vienna, and ADNOC, the Abu Dhabi National Oil Company, closed the strategic equity partnerships covering both the existing ADNOC Refining business and a new Trading Joint Venture. The shareholder structure for both, the ADNOC Refining and the Trading Joint Venture, is OMV 15%, Eni 20% and ADNOC the remaining 65%.

ADNOC Refining owns and operates in excess of 922,000 barrels per day of refining capacity in Abu Dhabi. The ADNOC subsidiary employs approximately 4,700 staff and operates the world’s fourth largest single site refinery complex (Ruwais East and West), as well as the Abu Dhabi Refinery. With nearly zero heavy fuel oil yield, it is well positioned for IMO 2020 (regarding low Sulphur marine fuel). The highly complex refinery site is already integrated into petrochemicals with the production of more than 1.5 million tonnes per annum of propylene. It furthermore encompasses advanced logistics networks as well as utility assets supplying the Ruwais site. A strong value-focused project pipeline targets increased feedstock flexibility and upgrade of existing production.

The Trading Joint Venture will be an international exporter of ADNOC Refining’s products, with export volumes equivalent to around 70% of production. Trading is expected to begin in 2020 when all necessary processes, procedures and systems are in place. The Trading Joint Venture is a key element to maximize the intrinsic value of the asset with its global span including the regions Middle East, Asia and Africa. This meets the global fuels demand that is expected to increase by 9% from 2017 to 2030 driven by the Asia Pacific region according to World Energy Outlook 2018, IEA (International Energy Agency).

With this transaction, OMV increases its refining capacity by 40% and its olefin capacity by 10% and establishes a strong integrated position in Abu Dhabi along the value chain, spanning from Upstream production to Refining & Trading and Petrochemicals.

About OMV Aktiengesellschaft

OMV produces and markets oil and gas, innovative energy and high-end petrochemical solutions – in a responsible way. With Group sales of EUR 23 bn and a workforce of more than 20,000 employees in 2018, OMV Aktiengesellschaft is one of Austria’s largest listed industrial companies. In Upstream, OMV has a strong base in Romania and Austria as part of the Central and Eastern Europe core region as well as a balanced international portfolio, with Russia, North Sea, Middle East and Africa as well as Asia-Pacific as further core regions. 2018 daily production stood at approximately 427,000 boe/d. In Downstream, OMV operates three refineries with a total annual processing capacity of 17.8 mn tons and more than 2,000 filling stations in ten countries. OMV runs gas storage facilities in Austria and Germany; its subsidiary Gas Connect Austria GmbH operates a gas pipeline network in Austria. In 2018, gas sales volumes amounted to around 114 TWh. Sustainability is an integral part of the corporate strategy. OMV is set to invest EUR 500 mn in innovative energy solutions by 2025.

About ADNOC

ADNOC is a major diversified group of energy and petrochemical companies that produces about 3 million barrels of oil and 10.5 billion cubic feet of raw gas a day. Its integrated upstream, midstream and downstream activities are carried out by 14 specialist subsidiary and joint venture companies.


Origine : Communiqué OMV

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