Adnoc Inks MoUs with OMV, Borealis
State-owned Abu Dhabi National Oil Company (Adnoc) March 23 signed separate memorandums of understanding with OMV and Borealis to explore new opportunities for collaboration in the downstream sector, it said the same day.
Under the terms of the first MoU, Adnoc and OMV will evaluate new opportunities in petrochemical projects as a potential extension to their existing partnerships, and exchange knowledge and experience in refinery-petrochemical integration and optimisation. The two companies will also assess opportunities for petrochemicals marketing support, Adnoc said.
The second MoU will see Adnoc and OMV jointly explore the potential of OMV’s ReOil technology in Ruwais, Adnoc’s integrated refining and petrochemicals hub in the Al Dhafra region of Abu Dhabi. OMV’s ReOil recycling process produces synthetic crude oil from used plastics.
The third MoU will see Adnoc and Borealis jointly explore potential growth opportunities within the integrated polyolefin industry in key geographical markets. They will partner to build on their strength which has successfully contributed to the growth of Borouge over the last 20 years to support the growth of customers in key markets through value creation and innovation, Adnoc said.
As part of its 2030 smart growth strategy, Adnoc has recently embarked on an expansion of its downstream business. At the center of its new downstream strategy is a $45bn investment plan aimed at creating an integrated refining and petrochemicals complex in Ruwais, which will see the company triple production of petrochemicals to 14.4mn mt/yr by 2025.