OMV and the Abu Dhabi National Oil Company (ADNOC) signed two Memorandums of Understanding on March 23, 2019 to explore new opportunities for collaboration in the petrochemical sector.
One agreement provides for collaboration in the petrochemical sector, including the evaluation of new opportunities in petrochemical projects as a potential extension to the existing partnerships, as well as the exchange of knowledge and experience in petrochemical operations and refinery-petrochemical integration and optimization. The two companies will also assess opportunities for petrochemicals marketing support.
The second agreement intends to explore potential opportunities for collaboration in the area of OMV’s patented ReOil® process. This innovative process converts used plastics into synthetic crude, which can then be used to produce fuels or feedstock for petrochemical plants, thereby making a significant contribution to a sustainable future. The MoU provides for the establishment of a joint working group that should assess the feasibility of a scalable ReOil® plant in the UAE.
These agreements underline OMV´s commitment to the strategic partnership with ADNOC and its readiness to bring expertise and add value to this collaboration. Moreover, OMV is following its strategy of expanding the value chain and further strengthening its petrochemical business, as well as contributing to CO2 reduction through the circular economy concept of its ReOil process.