Abu Dhabi – Mubasher: Abu Dhabi National Oil Company (ADNOC) and Austria-based OMV AG signed an AED 5.51 billion ($1.5 billion) oil exploration deal that may pave the way for a joint global expansion in oil production and refining.
OMV eyes a minority stake in Abu Dhabi’s Ruwais refinery, informed sources told Bloomberg.
“The UAE is already our most important trade partner in the Gulf region and they still offer a lot of potential for Austrian businesses,” Austria’s Chancellor Sebastian Kurz commented.
Austria aims to strengthen its relations with the Middle East and to invest in lower-cost gas fields in the region, Bloomberg reported.
“OMV’s EUR 10 billion ($12.1 billion) budget for buying new assets until 2025 could include upstream and downstream investments in Abu Dhabi,” the CEO Rainer Seele stated.
