VIENNA (Reuters) - Energy group OMV and Abu Dhabi National Oil Company (ADNOC) have agreed to cooperate in the petrochemical sector and to explore opportunities to make use of OMV’s recycling expertise, the Austrian company said.
OMV is shifting the focus of its refinery division to aviation fuel and petrochemicals, banking on an ever increasing appetite for air travel and plastic products.
It agreed to pay $2.5 billion for a 15 percent stake in ADNOC’s refining business and a new trading joint venture with ADNOC and Italy’s Eni in January.
OMV and ADNOC signed two memorandums of understanding to evaluate future projects and set up a joint working group, it said.
“The agreement underscores our commitment to the strategic partnership with ADNOC and our willingness to bring value-enhancing expertise to this cooperation,” said Chief Executive Rainer Seele in a statement.
Reporting by Kirsti Knolle; Editing by Alison Williams