Tuesday, November 29, 2022
HomeLNGAustria's OMV to buy one LNG cargo from UAE’s ADNOC

Austria’s OMV to buy one LNG cargo from UAE’s ADNOC

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

The partnership between OMV and ADNOC in LNG supply aims to support the energy supply security of Austria by arranging the purchase of one LNG cargo for the winter season of 2023-2024, says the press statement of OMV.

“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,” highlighted Alfred Stern, Chairman of the Executive Board and CEO of OMV.

OMV and ADNOC already work together across the value chain in many areas. In Exploration & Production, OMV acquired a 20 per cent interest in the offshore concession for the two SARB and Umm Lulu oil fields in April 2018, followed by the acquisition of a 5 per cent stake in the Ghasha sour gas and condensate field concession with a term of 40 years in December 2018.

In Refining & Marketing, OMV acquired in 2019 a 15 per cent interest in ADNOC Global Trading and ADNOC Refining, which owns the world’s fourth-largest refinery. Additionally, 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 Ruways.

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.

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