OMV and Abu Dhabi National Oil Company (ADNOC) have signed a Memorandum of Understanding (MoU) to explore a new partnership in LNG supplies, according to a statement. The signing took place in the presence of His Highness Sheikh Mohamed bin Zayed Al Nahyan, President of the United Arab Emirates and Ruler of Abu Dhabi, and His Excellency Karl Nehammer, Federal Chancellor of Austria.

Through this memorandum of understanding, OMV and ADNOC intend to explore a partnership in the supply of LNG to support Austria’s energy supply security, with the aim of ensuring the purchase of LNG for the winter season 2023/2024, according to Financialintelligence.ro.

“We are taking an important step in intensifying the strong partnership between OMV and ADNOC. At the same time, this agreement is another key element in our efforts to strengthen Austria’s energy supply by diversifying the gas sources in our portfolio,” said Alfred Stern, CEO of OMV.

OMV and ADNOC already work together along the value chain in many areas. In Exploration & Production, OMV acquired a 20% stake in the offshore concession for the two SARB and Umm Lulu oil fields in April 2018, followed by the acquisition of a 5% stake in the Ghasha gas and condensate field concession, with a term for 40 years, in December 2018.

In Refining & Marketing, OMV acquired in 2019 a 15% stake in ADNOC Global Trading and ADNOC Refining, which owns the fourth largest refinery in the world. In Chemicals & Materials, OMV, through its subsidiary Borealis, is a shareholder in Borouge, which operates one of the world’s largest integrated polyolefin complexes in Al Ruways.