SAN ANTONIO (ICIS)--The Abu Dhabi National Oil Company (ADNOC) will cooperate with OMV to explore new opportunities in petrochemicals and OMV’s ReOil plastic-to-oil technology, the United Arab Emirates (UAE) company said.
ADNOC signed two memorandums of understanding (MoUs) with the Austria-based energy and petrochemicals producer on Saturday.
The first MoU involves evaluating potential petrochemical projects and exchanging knowledge in refinery-petrochemical integration and optimisation, possibly extending their existing relationship.
The second MoU involves the possibility of OMV’s ReOil technology in Ruwais, where ADNOC’s integrated refining and petrochemicals hub is located.
OMV’s ReOil recycling process uses thermal cracking to produce synthetic crude oil from plastic waste.
“The agreements with OMV build on, and further strengthen, our long-term partnership across the full oil and gas value chain,” said Sultan Ahmed Al Jaber, UAE Minister of State and ADNOC Group CEO.
“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.”
ADNOC recently announced a $45bn investment plan to create an integrated refining and petrochemicals complex in Ruwais, which would triple the company's petrochemicals capacity to 14.4m tonnes/year by 2025.
OMV acquired a 15% share in ADNOC Refining in January.