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OMV Receives Political Support for €1.3 Billion Purchase of Two UAE Oil Fields

Published: May 4, 2018; 12:00 · (Vindobona)

An economic delegation led by Federal Chancellor Sebastian Kurz, with the participation of Margarete Schramböck, Minister of Economic Affairs, OMV CEO Rainer Seele and a small delegation had the main objective of supporting OMV in the concession agreement for the acquisition of a 20% stake in two fields offshore Abu Dhabi from ADNOC.

Kurz with Crown Prince Mohammed bin Zayed Al Nahyan / Picture: © Bundeskanzleramt (BKA) / Dragan Tatic

Kurz also used the trip for a discussion on political and geostrategic issues with Crown Prince Sheikh Mohammed bin Zayed al-Nahyan. "The United Arab Emirates is an important strategic partner in the Gulf region. They are in charge of the fight against terrorism and radicalism," explained the Chancellor after the meeting, which was also about the fight against the IS.

In addition, the Crown Prince supports Austria's position on illegal migration, according to which one must take countermeasures in the event of undesirable developments.

Schramböck reviewed the economic issues raised during her stay in the UAE. She emphasized that "230 companies from Austria are successfully operating in the United Arab Emirates". "They use the UAE as a bridgehead to other countries in the Gulf region. Austria's investments have recently risen by 23 percent. It is now a question of intensified cooperation in the research and development sector and its implementation in industry".

Of particular interest to the UAE is also the dual apprenticeship training as a "guarantor of low youth unemployment". Digitization must also be a focus of future cooperation.

OMV, which signed a contract for the acquisition of 20 percent of two offshore oil fields from the Abu Dhabi oil group ADNOC, benefited above all from the economic delegation.

The company spoke of a milestone as it will strengthen its position in one of the world's leading oil and gas countries.

Vamed was represented in the medical sector - the company is currently looking forward to the realisation of 3 major projects in the UAE.

Sport and culture were further focal points of the travel activities. For example, the UAE Special Olympics football team was invited to train in Austria.

The trip concluded with a visit to the new Louvre Museum in Abu Dhabi.