The Abu Dhabi National Oil Company (ADNOC) has inked two memoranda of understanding (MoUs) with OMV to cooperate in developing the downstream sector, ADNOC announced on March 23.

The MoUs were signed by Sultan Ahmed Al Jaber, UAE Minister of State and ADNOC CEO, and Rainer Seele, Chairman of the OMV Executive Board and CEO.

“The agreements with OMV build on, and further strengthen, our long-term partnership across the full oil and gas value chain. OMV brings world-class expertise and advanced technology that will enable us to further stretch the value of our crude and secure greater returns from the global growth in demand for petrochemicals as we accelerate delivery of our 2030 smart growth strategy,” Al Jaber said.

Under the first MoU, the two companies will work on expanding their current partnership and exchange knowledge and expertise in refinery-petrochemical integration and optimization.

Under the second agreement, ADNOC and OMV will jointly explore the ability of OMV’s ReOil technology in Ruwais, ADNOC’s integrated refining and petrochemicals hub in the Al Dhafra region of Abu Dhabi.

The signed MoUs come in line with ADNOC’s expansion of the downstream sector and the UAE’s 2030 strategy.