OMV celebrates 30 years of “Partnership for Progress” with Abu Dhabi

OMV is celebrating three decades of collaboration with Abu Dhabi, the company’s long-standing economic partner in the Gulf region. During this time, significant strides were made to build strategic partnerships in the energy and chemicals sectors, which have created value, driven growth and explored new opportunities.

On this occasion, H.E. Dr. Sultan Ahmed Al Jaber, Minister of Industry and Advanced Technology in the United Arab Emirates (UAE) and ADNOC Managing Director and Group CEO, attended a ceremony in Vienna today, with participation of senior government officials from both countries, senior management representatives from OMV and ADNOC, and members of OMV’s Supervisory Board.

Dr. Alfred Stern, CEO of OMV: “We are honored to welcome to Austria Dr. Sultan Al Jaber - a long-time strategic business partner, and CEO of our second largest shareholder. Since 1994, OMV and Borealis have entered into many flourishing projects in the region, along the entire value chain: from upstream oil and gas production to refining, trading and notably petrochemicals. Together, we share the vision for a transformation towards an accelerated decarbonization. OMV looks forward to the continued collaboration with ADNOC as a strong partner, honing cultural and structural diversity for business success.”

As part of its Strategy 2030, OMV aims to become a leading, integrated sustainable fuels, chemicals and materials company with a strong focus on circular economy solutions. Furthermore, it aims to become a net-zero emissions company by no later than 2050. At last year’s COP28 in Dubai, OMV proudly joined the Oil and Gas Decarbonization Charter, a global industry charter dedicated to high-scale impact, and to speed up climate action within the industry.

H.E. Dr. Sultan Ahmed Al Jaber, Minister of Industry and Advanced Technology in the United Arab Emirates (UAE), and ADNOC Managing Director and Group CEO, said: “The UAE and Austria have a long, successful, and deep-rooted relationship in many areas, particularly within the energy sector. We are proud to celebrate the longstanding partnership between ADNOC and OMV, noting the important role that OMV plays in ADNOC’s upstream, refining and trading businesses, our partnership with Borealis in the world-class Borouge Polyolefins business, and the recent acquisition by ADNOC of a 25% shareholding in Borealis and a 24.9% shareholding in OMV. I am confident that our relationship will continue to grow and flourish as we responsibly provide our customers with the energy and energy products they need, while driving a just, equitable and orderly energy transition.”

Dr. Edith Hlawati, CEO of Österreichische Beteiligungs AG (ÖBAG), OMV’s largest shareholder: “We are looking forward to continuing our long-term partnership in OMV with a focus on sustainable, ongoing and profitable growth. Our investment in OMV is key in driving the transformation of Austria's largest company towards a more sustainable business model, while ensuring shareholder value and the interests of the Republic of Austria.”

Key timeline of 30 years partnership:

• May 19, 1994: IPIC entered into a consortium agreement with ÖIAG to acquire a 13% stake in OMV, laying the foundation for a commercial partnership between Austria and Abu Dhabi.
• 1998: OMV and IPIC invested in Borealis, each acquiring a 25% stake.
• 1998: ADNOC and Borealis formed a strategic partnership, creating Borouge to build and operate a petrochemical complex in Al Ruwais Industrial City, (UAE), with a sales and marketing business in Singapore.
• 2005: IPIC and OMV took over the remaining 50% of Borealis from Statoil.
• 2007: OMV opened its representative office in Abu Dhabi.
• 2011: IPIC increased its shareholding in OMV to 24.9%.
• 2013: Exploration agreement signed between ADNOC and OMV, followed by comprehensive seismic surveys in Abu Dhabi.
• 2017: OMV makes Abu Dhabi the main hub for its activities in the Middle East and Africa.
• January 2017: IPIC merged with Mubadala Development Company, forming Mubadala Investment Company, which holds a 24.9% stake in OMV.
• 2017: OMV completed its first operated exploration well with ADNOC, and a Memorandum of Understanding laid the foundation for downstream business in the Middle East.
• 2018: OMV earned shares in ADNOC offshore concessions and signed an Upstream concession agreement for a 5% stake in the Ghasha offshore concession.
• March 2019: OMV and ADNOC signed two MOUs to explore potential opportunities in petrochemical projects and in OMV’s ReOil® technology.
• July 2019: OMV and ADNOC established a 15% share for OMV in the ADNOC Refining and Trading Joint Venture.
• November 2021: ADNOC and Borealis confirm final investment agreement to build Borouge 4 in Ruwais.
• December 2023: Masdar, one of the world’s fastest growing clean energy companies, signed a non-binding Heads of Terms development agreement with OMV to explore in partnership the production of green hydrogen for the decarbonization of industrial processes in OMV’s refineries.
• February 2024: ADNOC completed the acquisition of a 24.9% stake in OMV from Mubadala.  

About OMV Aktiengesellschaft

At OMV, we are re-inventing essentials for sustainable living. OMV is transitioning to become a leading sustainable fuels, chemicals and materials company with a focus on circular economy solutions, while operating today across three integrated business segments of Energy, Fuels & Feedstock, and Chemicals & Materials. By gradually switching over to low-carbon businesses, OMV is striving to achieve net zero by latest 2050. The company achieved revenues of EUR 39 billion in 2023 with a diverse and talented workforce of around 20,600 employees worldwide. OMV shares are traded on the Vienna Stock Exchange (OMV) and as American Depository Receipts (OMVKY) in the U.S. Further information at www.omv.com.