Abu Dhabi – Mubasher:  The Abu Dhabi National Oil Company (ADNOC) announced that it has signed two memoranda of understanding (MoU) with OMV, in addition to another MoU with Borealis, to explore new opportunities for collaboration in the downstream sector.

The agreements with OMV were signed between Sultan Ahmed Al Jaber, UAE Minister of State and CEO of ADNOC Group, and Rainer Seele, chairman and CEO of the OMV, while the deal with Borealis was inked by Al Jaber and Alfred Stern, CEO of Borealis, according to ADNOC’s recent statement.

Under the first deal, ADNOC and OMV will evaluate new opportunities in petrochemical projects as a potential extension to their existing partnerships, exchange knowledge, and experience in refinery-petrochemical integration and optimisation.

Both parties will also assess opportunities for petrochemicals marketing support, the statement said.

“OMV brings world-class expertise and advanced technology that will enable us to further stretch the value of our crude and secure greater returns from the global growth in demand for petrochemicals as we accelerate delivery of our 2030 smart growth strategy,” Al Jaber commented.

Under the terms of the second MoU, ADNOC and OMV will jointly explore the potential of OMV’s ReOil technology in Ruwais, ADNOC’s integrated refining, and petrochemicals hub in the Al Dhafra region of Abu Dhabi. 

“These agreements underline our commitment to the strategic partnership with ADNOC and our readiness to bring expertise and add value to this collaboration. Moreover, we are following our strategy of expanding the value chain and further strengthening our petrochemical business, as well as contributing to CO2 reduction through the circular economy concept of our ReOil process,” Seele said.

Meanwhile, the third deal will see ADNOC and Borealis jointly explore potential growth opportunities within the integrated polyolefin industry in key geographical markets.

“A sustainable development in Asia and the Middle East will show an increasing need and demand for high value, innovative polyolefin solutions. Borealis’ proprietary technologies and market expertise can make significant contributions to the successful development of our partnership with ADNOC,” Stern concluded.