The Abu Dhabi National Oil Co. on March 23 signed agreements with OMV and Borealis to explore opportunities in the downstream sector.
Under the first memorandum of understanding signed with Austria's OMV AG, the companies will evaluate new opportunities in petrochemical projects and exchange knowledge and experience in refinery-petrochemical integration and optimization. The two companies will also assess opportunities for petrochemicals marketing support.
Based on a second MOU with OMV, the companies will also jointly explore the potential of OMV's ReOil technology at the Ruwais refinery and petrochemicals hub. The ReOil technology produces synthetic crude oil from used plastics.
OMV acquired a 15% stake in ADNOC's refining business in January and acquired a 5% interest in the Ghasha ultra-sour gas concession for 40 years in December 2018.
Under the MOU with Borealis AG, the two companies will explore potential growth opportunities within the integrated polyolefin industry. ADNOC and Borealis are joint venture partners in Borouge, which holds the largest integrated polyolefin complex with an annual capacity of 4.5 million tons.