OMV Acquires 2.2 Billion Euro Share in United Arab Emirates Refinery

EnergyOil & Gas ♦ Published: January 28, 2019; 12:47 ♦ (Vindobona)

Austrian OMV and the state-owned oil company of the United Arab Emirates, Adnoc, announced that OMV has acquired a 15 percent stake in Abu Dhabi Oil Refining Company. Thereby OMV establishes a major downstream Oil position. In addition, OMV will acquire a 15 percent stake in a trade joint venture with export volumes equivalent to around 70% of production.

His Excellency Dr. Sultan Ahmed Al Jaber, ADNOC Group CEO, and Dr. Rainer Seele, Chairman of the OMV Executive Board and CEO signed a landmark strategic partnership agreement. / Picture: © OMV Aktiengesellschaft / ADNOC Refining Abu Dhabi

OMV, the international integrated oil and gas company based in Vienna, signed agreements for a 15% share in ADNOC Refining.

The ADNOC subsidiary owning and operating 922,000 barrel per day of refining capacity in Abu Dhabi including the Ruwais Refinery, the world´s fourth largest single site refinery, part of the Ruwais mega-site and integrated in petrochemicals.