His Highness Sheikh Mohamed bin Zayed, Austrian Chancellor witness signing of ADNOC-OMV agreements.

His Highness Sheikh Mohamed bin Zayed Al Nahyan, Crown Prince of Abu Dhabi and Deputy Supreme Commander of the UAE Armed Forces, and Sebastian Kurz, Chancellor of Austria, witnessed, today, the signing of an agreement between the Abu Dhabi National Oil Company, ADNOC, and OMV AG, an international, integrated oil and gas company based in Vienna.

Under the terms of the agreement, OMV AG will see the acquisition of a 20 percent interest in the concession for Satah Al Razboot (SARB) and Umm Lulu oil fields offshore Abu Dhabi for an AED5.5 billion (US$1.5 billion) participation fee. ADNOC retains a majority 60 percent stake in the concession.

The agreement, which has a term of 40 years and an effective date of 9th March 2018, was signed by Dr. Sultan bin Ahmad Sultan Al Jaber, Minister of State and ADNOC Group CEO, and Rainer Seele, CEO of OMV.

His Highness Sheikh Mohamed bin Zayed and Chancellor Kurz also witnessed the signing of a Memorandum of Understanding, MoU, between Khalifa University for Science and Technology and the Austrian Business Council in Abu Dhabi.

Sheikh Mohamed bin Zayed noted the importance of the signing of such agreements between ADNOC and OMV, adding that this move will complement the Abu Dhabi offshore sector, and strengthen the UAE’s partnerships ensuring its hydrocarbon resources hold an important stake in global markets for years to come, reaffirming the UAE’s solid standing in this vital sector.

“The agreement between OMV and ADNOC represents a great success for both companies,” Sebastian Kurz said. This partnership contributes to the promotion and strengthening of bilateral ties between the UAE and Austria, he added.

The signing ceremony was attended by H.H. Sheikh Tahnoun bin Mohammed Al Nahyan, Abu Dhabi Rulers Representative in Al Ain Region; H.H. Lt. General Sheikh Saif bin Zayed Al Nahyan, Deputy Prime Minister and Minister of the Interior; H.H. Sheikh Mansour bin Zayed Al Nahyan, Deputy Prime Minister and Minister of Presidential Affairs; H.H. Sheikh Abdullah bin Zayed Al Nahyan, Minister of Foreign Affairs and International Cooperation, along with a number of ministers and officials.

The Austrian delegation accompanying Chancellor Kurz were also present during the ceremony.

At the end of the signing ceremony, the Austrian Chancellor presented a commemorative token to Sheikh Mohamed bin Zayed.

Source: UAE Ministry of Foreign Affairs