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Joint Ventures in the UAE

On January 27, 2019, OMV signed agreements for a 15% share in ADNOC Refining. The ADNOC subsidiary owning and operating 922,000 barrel per day of refining capacity in Abu Dhabi including the Ruwais Refinery, the world´s fourth largest single site refinery, part of the Ruwais mega-site and integrated in petrochemicals. In addition, OMV and ADNOC agreed to create a Trading Joint Venture with the same shareholder structure. This new Joint Venture will market export volumes and optimize the non-Abu Dhabi feedstock supply of ADNOC Refining. The shareholder structure for both, the ADNOC Refining and the to-be-established trading joint venture, will be: OMV 15%, Eni 20% and ADNOC owning the remaining 65%. OMV´s 15% stake will be consolidated at equity.

The estimated purchase price for OMV amounts to approximately USD 2.5 bn based on 2018 year end net debt. The final purchase price is dependent on the net debt as of closing and certain working capital adjustments. The enterprise value for 15% amounts to USD 2.9 bn. The transaction will be accretive to OMV’s earnings per share from the first year onwards. A financial framework to achieve self-funded growth, paired with an attractive dividend policy has been agreed. The transaction is expected to close in Q3/2019, subject to customary closing conditions and all regulatory approvals.

With the acquisition of a share in ADNOC Refining and the creation of a global Trading Joint Venture, OMV has established a strong integrated position in Abu Dhabi along the value chain, spanning from Upstream production to Refining & Trading and Petrochemicals. This transaction is a major milestone in OMV´s execution of Strategy 2025. Upon closing, OMV grows its refining capacity by 40% and its olefin capacity by 10%. With the creation of the Trading Joint Venture, ADNOC and OMV establish the same commercially integrated business model that generates significant value for OMV in Europe. That makes it the perfect platform to bring to bear OMV Downstream’s world-class know how and skills. ADNOC Refining’s project pipeline will further strengthen the attractiveness of the Ruwais complex including additional growth in petrochemicals.