Asharq Al-awsat English https://aawsat.com/english Middle-east and International News and Opinion from Asharq Al-awsat Newspaper http://feedly.com/icon.svg

UAE, Austria Sign Agreements to Enhance Partnership, Investments

UAE, Austria Sign Agreements to Enhance Partnership, Investments

Sunday, 24 March, 2019 - 11:45
Abu Dhabi Crown Prince and Deputy Supreme Commander of the UAE Armed Forces Sheikh Mohamed bin Zayed Al Nahyan and Chancellor of Austria Sebastian Kurz overlooking the signing ceremony (WAM)
Abu Dhabi, Kuwait – Asharq al-Awsat
Abu Dhabi Crown Prince and Deputy Supreme Commander of the UAE Armed Forces Sheikh Mohamed bin Zayed Al Nahyan and Chancellor of Austria Sebastian Kurz attended the signing ceremony of Memorandum of Understanding (MoU) between Abu Dhabi National Oil Company (ADNOC) and OMV and Borealis to explore new opportunities for collaboration in the downstream sector.

The agreements with OMV were signed by Minister of State and ADNOC Group CEO Sultan bin Ahmad al-Jaber and OMV Chairman of Executive Board and CEO Rainer Seele. The agreement with Borealis was signed by ADNOC CEO and Borealis CEO Alfred Stern.

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, according to WAM.

ADNOC and OMV will 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.

ADNOC and Borealis will also jointly explore potential growth opportunities within the integrated polyolefin industry in key geographical markets, based on the MOU.

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.

Chancellor of Austria Sebastian Kurz is set to make an official visit to Kuwait on Sunday, the second one for an Austrian chancellor since the late Bruno Kreisky visited the country back in 1981.

KUNA News Agency stated that Kurz's visit coincides with the 54th anniversary of establishing diplomatic relationship between the two countries, which has been based on mutual respect and trust. It aims to expand their bilateral ties to higher horizons.

Ex-Chancellor Kreisky's first official visit to Kuwait contributed greatly in laying the cornerstone for the distinctive Kuwaiti-Austrian cooperation march. Four years after this visit, Austria opened its first embassy in Kuwait. The two countries' relationship had seen significant developments over the past years.

Kuwait is the first Arab state to establish political, diplomatic, and economic relationship with Austria, opening its embassy in Vienna officially in 1984 and had had six ambassadors who contributed in bolstering ties with the EU-member state.

Editor Picks

Multimedia