Caspian Energy Journal Caspian European Club
Tuesday, 29 January 2019 15:00

OMV buys a share in ADNOC Refining

OMV buys a share in ADNOC Refining

ADNOC Group CEO Sultan Ahmed Al Jaber and Chairman of the OMV Executive Board and CEO Rainer Seele have signed strategic partnership agreements for a 15% share in ADNOC Refining, Caspian Energy News ( reports with reference to the press statement of OMV.  

The ADNOC subsidiary owning and operating 922,000 barrel per day of refining capacity in Abu Dhabi including the Ruwais Refinery, the world´s fourth largest single site refinery, part of the Ruwais mega-site and integrated in petrochemicals. In addition, OMV and ADNOC agreed to create a Trading Joint Venture with the same shareholder structure. This new Joint Venture will market export volumes and optimize the non-Abu Dhabi feedstock supply of ADNOC Refining. The shareholder structure for both, the ADNOC Refining and the to-be-established trading joint venture, will be: OMV 15%, Eni 20% and ADNOC owning the remaining 65%. OMV´s 15% stake will be consolidated at equity.

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Person in charge of the newsline: Olga Nagiyeva 

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