OMV seeking new opportunities: Executive Board Member

 With increasing demand for refined oil products in the Middle East region, Vienna-based OMV, one of Austria’s largest listed industrial companies, is seeking further opportunities, according to Manfred Leitner, a member of the company’s Executive Board responsible for Downstream (Refining & Marketing as well as Gas & Power).

"OMV has a strong partnership with ADNOC in upstream and we will therefore look into opportunities to balance our portfolio between upstream and downstream," Leitner said in a panel session on the sidelines of the Abu Dhabi International Petroleum Exhibition and Conference, ADIPEC, which closes today.

The panel was discussing "Refining and Petrochemicals Integration and Downstream Expansion-Reinvention for Sustainable Growth."

"OMV believes in the mutual benefit of attractive long-term opportunities and seeks to strengthen its relationships with important partners such as ADNOC in Abu Dhabi, Gazprom in Russia, and Statoil in Norway," Leitner added.

The company signed an MoU earlier this year to help boost ADNOC’s downstream businesses. With a two-year period for in-depth evaluation, the agreement seeks to expand collaboration across the whole value chain, from upstream to downstream, including petrochemicals, Leitner said.

"We will have a close exchange of expertise that will enable us to make our outstanding, long-term partnership with ADNOC even stronger. OMV is evaluating opportunities in areas with growing demand and a favourable feedstock position."

The largest shareholder in OMV is the Austrian Government, with 31.5 per cent, while Mubadala owns 24.9 per cent. OMV is also a partner with Mubadala in petrochemicals firm Borealis which, in turn, is partnered with ADNOC in the Ruwais-based Borouge Petrochemicals complex.

Abdul Aziz Alhajri, Director of ADNOC’s Downstream Directorate, said at ADIPEC earlier this week that ADNOC "are looking forward to expanding this relationship. We have created a very strong brand in Borouge (and) we have announced that we are going to go ahead with Borouge 4."