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Oil major ADNOC is planning to partner with Eni and OMV to diversify its refining capacity. The company wants to take the refining capacity to 1.5 million barrels per day. The energy company has decided to double its refining capacity and triple petrochemicals output potential by 2025. In January, OMV and Eni decided to pay a combined $5.8 billion in order to buy stakes in refining business of ADNOC.
Austrian oil firm, OMV and Equinor have come together for offshore Norway projects. Both the companies will simultaneously work on the Wisting development in the Barents Sea. Also, they will work on the concept development for the Hades-Iris discovery. Equinor’s Nylund said, "It is important for us to create value and maintain activity on the Norwegian continental shelf for many decades ahead, in close cooperation with other players".
OMV and ADNOC have agreed to work together in the petrochemical sector. Both companies will look for better opportunities and will make use of OMV's recycling expertise. Austria's energy company has agreed to pay $2.5 billion to ADNOC for 15% stakes in its refining business. Further, both the companies have signed two MoUs to explore future projects and set up a JV.
OMV has announced that the company will export gas which will compete on price, firmly rejecting US’ criticism over Nord Stream 2. The Austrian energy company is the stakeholder in the planned Nord Stream 2 pipeline to Germany. OMV’s CEO said “If the U.S. were to offer competitively priced liquefied natural gas (LNG) in Europe, they need not worry about the prospect of supply from NS 2 gas”.
On Wednesday, OMV announced that it has signed a concession agreement with ADNOC. After this agreement, the Austrian oil and gas group will get 5% stakes in the Ghasha offshore gas and condensate fields which in turn will increase its prominence in the region. The Ghasha project of ADNOC includes three major development plans- Hail, Ghasha and Dalma.
Austrian petrochemical giant, Borealis yesterday announced plans to acquire Ecoplast Kunststoffrecycling. 35,000 mt/year of plastic waste from industry as well as the consumer is treated in Ecoplast to produce recycled LDPE and HDPE. Borealis has already procured mtm plastics, the German plastic recycler, in 2016 and is planning to expand polyolefins recycling capacity of mtm up to 80,000mt/year.