- ADNOC and OMV will evaluate new opportunities in petrochemical projects, and exchange experience and knowledge
- ADNOC and Borealis will jointly explore potential growth opportunities in integrated polyolefin industry
Abu Dhabi National Oil Company (ADNOC) has reportedly inked one Memorandum of Understanding (MoU) with Borealis, as well as two MoUs with OMV, for exploring new opportunities to collaborate in the downstream sector.
A press release from ADNOC states that the signing of these agreements were witnessed by Federal Chancellor of Austria, His Excellency Sebastian Kurz, UAE Armed Forces’ Deputy Supreme Commander, and Crown Prince of Abu Dhabi, His Highness Sheikh Mohamed bin Zayed Al Nahyan.
Further from the release, the state owned oil firm and OMV agreed on evaluating new opportunities in petrochemical projects, and exchange experience and knowledge in refinery-petrochemical optimization and integration. Both the firms would also assess opportunities in the petrochemical marketing support.
Apparently, the firms have also agreed on jointly exploring the potential of ReOil technology of OMV in Ruwais and integrated petrochemical and refining hub of ADNOC in the Al Dhafra region of Abu Dhabi. The ReOil recycling process of OMV produces synthetic crude oil from used plastics.
ADNOC informed that the MoU signed between ADNOC and Borealis would see the firms jointly explore potential growth opportunities in key geographical markets of integrated polyolefin industry.
ADNOC Group CEO and UAE minister of state, Dr. Sultan Ahmed Al Jaber, mentioned that OMV brings advanced technology and world-class expertise which would enable ADNOC in further stretching the value of its crude, as well as secure higher returns from the growth in demand for petrochemicals across the world, as the company accelerates delivery of its 2030 smart growth strategy.
Dr. Jaber added that this is another leap in the journey of the company for expanding the downstream portfolio of ADNOC and build Ruwais as a worldwide refining and petrochemical hub. ADNOC is among the leading diversified petrochemicals and energy groups with a daily output of approx. 3 million barrels of oil.