OMV and ADNOC sign MoU to explore partnership in LNG deliveries

OMV and the Abu Dhabi National Oil Company (ADNOC) have signed a Memorandum of Understanding (MoU) to explore new partnership in deliveries for liquefied natural gas (LNG), the companies announced.

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.

With the agreement, 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, the companies said in a statement.

“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,” said Alfred Stern, OMV CEO.

OMV and ADNOC already work together across the value chain in many areas. In exploration and 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, the company said.

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 Ruwais.