OMV, Mubadala set to sign $1.5 bln oil deal today

29/04/2018 Argaam

 

Austrian energy firm OMV and Mubadala, its state-owned partner in Abu Dhabi, will sign a $1.5 billion oil exploration agreement on Sunday, Bloomberg reported.

 

Abu Dhabi’s Crown Prince Sheik Mohammed bin Zayed and Austria’s chancellor Sebastian Kurz will take part in ceremonies to ink an agreement, it added.

 

Last month, Rainer Seele, chief executive officer of OMV, told investors that the firm's $12.1 billion budget for buying new assets until 2025 could include upstream and downstream investments in Abu Dhabi.

 

OMV is also seeking a minority stake in the UAE's Ruwais refinery, Bloomberg said, citing people familiar with the talks.

 

Austria owns 31.5 percent of OMV, while Mubadala holds 24.9 percent stake.

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