OMV launches Abu Dhabi office
Posted: 13 May 2007
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OMV Aktiengesellschaft, Central Europe’s leading oil and gas group, has launched its Abu Dhabi office in a move which will help it mainly concentrate on screening Middle East business opportunities.
The close co-operation with Abu Dhabi’s International Petroleum Investment Company (IPIC), OMV’s second largest shareholder, will support the Austrian company’s endeavours in the region.
IPIC has been OMV’s shareholder since 1994 where it today holds 17.6% of the stock.
The new Abu Dhabi office will be the basis to further strengthen the relationship with the United Arab Emirates and to investigate and evaluate appropriate investment opportunities.
Commenting on the opening, Gerhard Roiss, OMV Deputy Chairman responsible for Refining and Marketing incl. Petrochemicals, said: ‘The partnership with IPIC has a long and fruitful history and fully supports us in the implementation of our successful growth strategy in Refining & Marketing in CEE. Beyond that, the joint acquisition of 50% of Borealis by OMV and IPIC in 1998 and the 100% takeover in 2005 were milestones in our strategic cooperation. The polyolefins activities of Borealis are an integrated part of OMV’s petrochemical chain as well as for the United Arab Emirates.’ The Borealis and Abu Dhabi National Oil Company (ADNOC) joint venture Borouge presents a benchmark for OMV and Borealis in the Arab and Asian/Pacific region since the start of polyolefins production in Ruwais, UAE, at the end of 2001.
Mohamed Nasser Al Khaily, Managing Director IPIC states: ‘As OMV shareholder since 13 years, IPIC is very pleased to welcome OMV now with their own office in the UAE. Our partnership has been very successful and prosperous in the past: OMV has grown to Europe’s leading oil and gas group, active in 29 countries on five continents. Their own office in the UAE capital will strengthen our relationship in the future even more.’
Coordination of Refinery Project
With the newly established office OMV will coordinate its interest in the PARCO refinery in Pakistan, which is a major part in the co-operation between the two companies. In 1998, IPIC and OMV founded the Abu Dhabi Petroleum Investments Holding (75% IPIC, 25% OMV), which holds 40% of PARCO in Pakistan. Among other activities, OMV provides technical know-how in pipeline and refinery projects.
Middle East E&P projects
Helmut Langanger, OMV Executive Board member for Exploration and Production, comments: ‘With this new office we will focus on reviewing opportunities for expanding our E&P activities in the Middle East, one of OMV’s core regions. Additionally, our new office could serve as a hub for procurement, drilling and operational support.’ OMV holds a balanced international E&P portfolio in 20 countries structured around six core regions, namely the Danube and Adriatic, Northern Africa, North West Europe, the Middle East, Australia/New Zealand and Russia/Caspian. Currently, OMV undertakes Middle East E&P projects in Yemen, Iran and Pakistan. OMV’s daily production volume in 2006 was approximately 324,000 boe/d, and the company’s reserves were approximately 1.3 bn boe.
The Abu Dhabi office will be headed by OMV managers Maximilian Linskeseder for Refining & Marketing and Klaus Angerer for Exploration & Production.
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